Daily News
View All NewsASGN revenue up 3.6% in first quarter
ASGN Inc. (NYSE: ASGN) reported first-quarter revenue rose 3.6% year over year and came up ahead of guidance, although gross margin narrowed.
ASGN President and CEO Ted Hanson cited strong organic performance and growth in the company’s acquired businesses.
“It is also clear that the marketplace is strengthening, with the growth rate of bookings in some commercial industries accelerating even faster than what we saw going into the first quarter of this year,” Hanson said.
| (US$ millions) | Q1 2021 | Q1 2020 | % change |
| Revenue | $1,025.7 | $990.5 | 3.6% |
| Gross profit | $281.0 | $280.9 | 0.0% |
| Gross margin | 27.4% | 28.4% | |
| Net income | $48.7 | $43.8 | 11.2% |
Based in Glen Allen, Virginia, ASGN provides staffing in the IT, creative, engineering and life sciences segments while its ECS division serves the federal government.
Revenue by segment
| (US$ millions) | Q1 2021 | Q1 2020 | % change |
| Commercial | $767.9 | $777.8 | -1.3% |
| Federal government | $257.8 | $212.7 | 21.2% |
Commercial staffing revenue was up slightly when adjusting for one less billable day in the first quarter of this year and up 2.6% sequentially, according to the company.
Guidance
ASGN forecast second-quarter revenue growth of between approximately 6.8% and 8.8% year over year.
Share price and market cap
Shares in ASGN were down 3.93% to $104.12 as of 11:41 a.m. Eastern time; however, shares had hit a new 52-week high today when shares reached $110.52, according to FT.com. ASGN had a market cap of $5.77 billion.