Calabasas staffing company ASGN Inc. beat analysts’ expectations for its second financial quarter on earnings and revenue.
For the quarter ended June 30, adjusted net income was $61.7 million ($1.17 a share), up 4.7 percent from a year earlier. Analysts expected 87 cents per diluted share, according to Yahoo Finance.
Revenue was $937 million, a decrease of nearly 4 percent and attributed to the coronavirus pandemic. Analysts expected about $38 million less.
The staffing business provides skilled workers on a contract basis for large corporations and government agencies. It has three major divisions: ECS, which specializes in government contracts; Apex, which handles information technology staffing and services; and Oxford, which provides engineering, technical and life sciences personnel.
“ASGN’s business demonstrated resiliency in the second quarter of 2020,” Ted Hanson, chief executive of ASGN, said in a statement. “As we look toward the remainder of 2020, we will continue to execute against our current contracts while bidding on new work to drive growth and profitability for our company.”
“Our diverse client base bolstered by the steadiness of government sector work and a growing market share of large commercial accounts provide us further stability. These factors, along with our increasingly IT-centric business model and solid balance sheet, position ASGN for continued growth,” added Hanson.
Shares of ASGN (ASGN) closed up $1.66, or 2.4 percent, to $70.39 on the New York Stock Exchange on Thursday, a day when the markets were mostly down.