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View All NewsMastech Q3 revenue rises 21% with help from IT acquisition
Third-quarter revenue rose 20.7% at IT staffing provider Mastech Holdings Inc. (NYSE MKT: MHH) to $34.63 million. Gross margin also improved.
The company reported demand for its staffing services was up from the previous quarter as it worked Hudson IT client activity for the first full quarter since its June acquisition of Hudson Global Inc.’s (NASD: HSON) IT staffing business.
| Q3 2015 (USD 000s) | Q3 2014 (USD 000s) | % growth | |
| Net revenue | $34,565 | $28,634 | 20.7% |
| Gross profit | $6,879 | $5,227 | 31.6% |
| Gross margin | 19.9% | 18.3% | |
| Net income/loss | $887 | $879 | 0.9% |
Quote
“Third quarter’s financial performance reflected the first full quarter of Hudson IT’s operating results, an acquisition that we completed in June 2015,” said CEO Kevin Horner. “In addition to adding scale to Mastech, the merits of this business combination can be clearly seen in our overall revenue and gross margin performance as well as our overall profitability."
Share price and market cap
Shares in Mastech rose 5.60% in late morning trading today to $6.30. The company had a market cap of approximately $35.97 million, according to Yahoo!