Q2 2024 ASGN Inc Earnings Call Transcript
Key Points
- ASGN Inc (ASGN) reported revenues of $1.035 billion for Q2 2024, meeting expectations.
- Adjusted EBITDA margin of 11.3% was at the top of the company's guidance range.
- Commercial consulting revenues were essentially flat year-over-year but improved 1.6% sequentially.
- Gross margin for the commercial segment increased by 50 basis points year-over-year to 32.7%.
- ASGN Inc (ASGN) secured several significant contracts, including a $1.1 billion IDIQ with the National Institutes of Health.
- Federal government segment revenues declined by 3.3% year-over-year.
- Commercial segment revenues were down 10.6% compared to the prior year.
- Lower than expected license revenues in the federal government segment impacted overall performance.
- Book-to-bill ratio for the federal government segment was 0.7 times, indicating slower contract awards.
- The assignment business continues to show signs of weakness, with a slight decline expected in future quarters.
Greetings and welcome to the ASGN Incorporated second quarter 2024 earnings call. (Operator Instructions). I will now turn the conference over to your host Kimberly Esterkin of Investor Relations. You may begin.
Good afternoon, and thank you for joining us today for ASGN's second quarter 2024 conference call. With me are Ted Hanson, Chief Executive Officer; Rand Blazer, President; and Marie Perry, Chief Financial Officer.
Before we get started, I would like to remind everyone that our commentary contains forward-looking statements. Although we believe these statements are reasonable. They are subject to risks and uncertainties and as such, our actual results could differ materially from those statements. Certain of these risks and uncertainties are described in today's press release and in our SEC filings.
We do not assume any obligation to update statements made on this call. For your convenience, our prepared remarks and supplemental materials can be found in the Investor
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