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Mastech Q2 revenue rises 6%

July 29, 2015

Second-quarter revenue rose 6.0% at IT staffing provider Mastech Holdings Inc. (NYSE MKT: MHH) to $29.3 million. Gross margin improved.

The company reported its acquisition of Hudson Global Inc.’s (NASD: HSON) IT staffing business in the US generated $1.3 million in revenue from the June 15 acquisition date through the end of the quarter on June 30.

(US$ thousands) Q2 2015  Q2 2014 % growth
Revenue $29,305 $27,656 6.0%
Gross profit $5,515 $5,106 8.0%
Gross margin 18.8% 18.5%  
Net income $382 $893 -57.2%

Quote

“I am excited about several key components of our second-quarter performance,” said CEO Kevin Horner. “We were able to organically grow consultants on billing during the quarter; our gross margins improved nicely from a quarter ago as we continued to take a disciplined approach with respect to profit content on new assignments; and we successfully closed our acquisition of Hudson IT in mid-June. Hudson IT brings a retail client-base and a relationship selling model to Mastech which, when coupled with our centralized recruiting model, represents a real opportunity to accelerate growth in the second half of 2015.”

Share price and market cap

Shares in Mastech rose 4.28% in late morning trading today to $8.29. The company had a market cap of approximately $35.90 million, according to Yahoo!