On Assignment Misses Estimates

On Assignment Inc.’s net income for the third quarter fell short of analyst expectations. The Calabasas staffing company on Thursday reported net income of $29.8 million (55 cents a share) for the quarter ended Sept. 30, compared to net income of $24.9 million (47 cents) for the same quarter a year ago. Revenue climbed 10 percent to $629 million. Taking into account mergers and acquisitions, On Assignment said it had net income of 74 cents a share. Analysts on average expected net income of 84 cents a share on revenue of $625 million, according to Thomson Financial Network. Chief Executive Peter Dameris said the company’s performance exceeded its own financial projections and the average growth rate for the staffing industry. “Over the course of the year, we have created long-term value for our stakeholders while making the appropriate investments in our infrastructure to support our growth” he said in a statement. “Going forward, as we have said in the past, our size, investment and long-term customer relationships position us well to take advantage of the significant customer changes occurring in the markets we serve.” On Assignment released its financial after market close Thursday. Shares closed down 84 cents or 2.3 percent to $35.70 on the New York Stock Exchange.