ASGN reports Q3 EPS $1.68, consensus $1.56

Reports Q3 revenue $1.12B, consensus $1.11B. “The resiliency of ASGN‘s business model continued to play out as designed in the third quarter of 2023,” said ASGN Chief Executive Officer, Ted Hanson. “Revenues of $1.12 billion surpassed the midpoint of our guidance range. IT consulting revenues across our commercial and government businesses reached approximately 55 percent of consolidated revenues, ahead of our 2024 goal. Adjusted EBITDA margin of 12.3 percent surpassed the top-end of our guidance range for the quarter, benefiting from the variable nature of our cost structure. The strength of ASGN’s business lies in our large enterprise account base in six critical industry verticals. This diversified account base provides support and stability throughout market cycles, as is evident in the double-digit year-over-year revenue growth of our countercyclical federal government business this past quarter. Consistent with our peer set and our client base, we remain cautious about the near-term market demand. Nevertheless, with great qualifications across sought-after IT solutions and skillsets, ASGN is ready to leverage the growth in IT spend when demand improves.”