US-based engineering and technology services firm CDI Corp (CDI: NYSE) yesterday reported revenue of USD 295.7 million for the third quarter ending 30 September 2014, an increase of +6.4% compared with USD 277.9 million during the same period last year.

Gross profit for the period rose by +3.4% to USD 54.5 million, up from USD 52.7 million a year ago. CDI Corp achieved an operating profit of USD 8.5 million, an increase of +22.1% from USD 6.9 million in Q3 2013.

Scott Freidheim, CEO of CDI Corp, commented: “We are pleased with our financial results in the third quarter, including driving a +22% increase in operating profit. CDI has an attractive platform of businesses delivering valued engineering and staffing services.”

CDI Corp operates across the Americas, EMEA, and APAC, but provides no geographical breakdown of their financial results. In the UK, the company operates under the brand CDI Anders Elite.

CDI Corp provides Global Engineering & Technology Solutions (GETS) and Professional Services Staffing (PSS). The company also provides staffing services through its franchised Management Recruiters International (MRI) subsidiary.

The company’s largest division, PSS reported revenue growth of +5.7% to USD 192.4 million, up from USD 182 million a year ago. Operating profit for the division rose by +13.6% to USD 7.4 million, against USD 6.5 million last year.

GETS reported revenue growth of +8.5% to USD 88.4 million, up from USD 81.5 million in Q3 2013. Operating profit for the division was USD 3.4 million, an increase of +17.6% from USD 2.9 million a year ago.

Revenue derived from CDI’s MRI division rose by +3.5% to USD 14.9 million, up from USD 14.4 million last year. Operating profit during the period decreased by -13.4% to USD 1.7 million, down from USD 2 million in Q3 2013. 

Within the company’s MRI division, the Contract Staffing business segment report revenue growth of +7% to USD 11.6 million, compared with USD 10.8 million during the same period last year.

The company also announced three senior appointments. David Arkless has been appointed to the position of President, International. Mr Arkless had been a senior executive at ManpowerGroup for 21 years and, until 2013, had acted as President of Global Corporate and Government Affairs. Michael Castleman has been appointed to the position of Executive Vice President and Hugo Malan to the position of Executive Vice President, President of Staffing for North America.

Commenting on the appointments, Mr Freidheim said: “These are high performance hires for CDI and signal the standard by which we will run the company. Given the assessment of our company’s talent and our aspirations toward value creation, there was an opportunity to enhance leadership in the areas of staffing, operating analytics, strategic thinking, acquisitions and partnerships, and geographic coverage outside of North America and the UK. These accomplished executives were attracted to the opportunity to grow CDI and capitalise on our business opportunities.”

Looking forward, the company expects to achieve revenue during the fourth quarter of between USD 270 million and USD 280 million. This compared with revenue of USD 277.1 million in Q4 2013.

In trading yesterday, the company’s share price closed up by +5.8% at USD 16.71, an increase of +5% compared with a year ago. Based on its current share price, the company has a market value of USD 327.8 million.