Microvast Holdings announces departure of chief financial officer
NEW YORK - ASGN Incorporated (NYSE:ASGN) reported mixed first quarter results, beating revenue expectations but falling short on earnings per share, while providing second quarter guidance below analyst estimates.
The IT services provider posted Q1 revenue of $968.3 million, surpassing the consensus estimate of $961.34 million. However, adjusted earnings per share came in at $0.92, missing analyst expectations of $0.95.
ASGN’s Q1 revenue declined 7.7% YoY from $1.05 billion in the same quarter last year. The company attributed the decrease to continued softness in portions of its Commercial Segment that are more sensitive to macroeconomic cycles.
"Despite macro uncertainty, our revenues and adjusted EBITDA results were in line with our guidance expectations," said ASGN’s CEO Ted Hanson. He noted that IT consulting revenues grew to approximately 61% of total revenues, up from 57% in the prior-year period.
For Q2 2025, ASGN forecasts revenue between $985 million and $1.015 billion, compared to the $1.01 billion consensus. The company expects adjusted EPS of $1.03 to $1.14, below analyst estimates of $1.25.
Hanson commented that while business optimism improved early in the year, "this improvement in client confidence faded as the quarter progressed, with clients remaining cautious about increasing their IT spending."
ASGN repurchased 0.6 million shares of its common stock for $50.4 million during the quarter at an average price of $78.44 per share.
The company’s gross margin expanded 20 basis points YoY to 28.4% in Q1. Adjusted EBITDA was $93.6 million, or 9.7% of revenues, compared to $108.3 million or 10.3% of revenues in Q1 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.