ASGN reports Q2 EPS $1.59, consensus $1.49

Reports Q2 revenue $1.13B, consensus $1.13B. “ASGN‘s results for the second quarter of 2023 were in line with our expectations. Revenues of $1.1 billion were above the midpoint of our guidance range and supported by growth in our high-end, higher-value commercial and federal consulting businesses,” said ASGN Chief Executive Officer, Ted Hanson. “This revenue strength was offset by the anticipated softness in the more discretionary and cyclical portions of our assignment services. From a margin perspective, Adjusted EBITDA margin of 12.0 percent was above the top-end of our guidance range, driven by growth in commercial consulting as well as the benefits of our variable cost structure and effective expense management. While macro conditions remain challenging, we continue to see demand for our IT services and solutions. This is particularly evident in the strength of our consulting bookings for the quarter. Maintaining the necessary qualifications to win new work in leading solutions areas, from cloud and cybersecurity to artificial intelligence, along with our ability to adapt and evolve with our clients’ needs remains critical. Our resilient operating model supported by key business stabilizers will continue to drive our future performance.”