On Assignment Inc. increased its earnings and revenue in the second quarter but still fell short of analyst expectations.
The Calabasas staffing company reported second-quarter net income of $33.1 million (62 cents a share), up from $26 million (48 cents) in the same quarter a year ago. Revenues increased 7.4 percent to $653 million.
Analysts on average expected earnings of 72 cents a share on revenue of $656 million, according to Thomson Financial Network.
The company noted that its Oxford division, which handles IT and life sciences, posted a 2.3 percent decline in revenue since last year because several large projects were “substantially completed” in 2016.
“Our financial results were above or in-line with our estimates for the quarter,” Chief Executive Peter Dameris said in a statement. “Operational performance of each division was generally in-line with our expectations going into the quarter and the end markets that we serve remained healthy and productive. Finally, we are encouraged by the progress we are making on our initiatives taken to enhance our sales generation capabilities and improve the overall financial performance of our Oxford Segment.”
The company released results after the market closed. Shares of On Assignment (ASGN) closed Wednesday down $1.57, or 3 percent, to $51.71 on the New York Stock Exchange.