ASGN Inc. (NYSE: ASGN), a provider of IT staffing and services, reported fourth-quarter revenue fell 6.6% year over year. Revenue in ASGN’s commercial segment fell 12.2%, but revenue in its federal government business rose 9.2%. Gross margin narrowed.

The company noted that revenue in its commercial segment was down by the mid-single digits in its consumer and industrial vertical as well as its healthcare vertical. ASGN’s commercial segment also includes financial services; technology, media and telecom; and business and government services, which all saw double-digit revenue declines.

Revenue, gross margin and adjusted EBITDA for the fourth quarter were either above or at the top end of guidance ranges, CEO Ted Hanson noted in a press release.

“We will focus our efforts in 2024 on further strengthening our IT consulting capabilities, taking advantage of opportunities as we enter into higher-end, higher-value projects that position ASGN for continued success,” Hanson said.

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Guidance

ASGN forecast first-quarter revenue will range between $1.03 billion and $1.05 billion, a year-over-year decline of between 6.8% and 8.6%.

Share price

Shares in ASGN were down 0.76% to $93.65 as of 12:01 p.m. Eastern time today. However, they set a new 52-week high today when they reached $98.26.