Q2 2024 Mastech Digital Inc Earnings Call Transcript
Key Points
- Mastech Digital Inc (MHH) achieved a record gross margin of 28.2% in Q2 2024, an improvement from 26.1% in Q2 2023.
- The Data and Analytics Services segment reported a 10% sequential revenue growth, driven by expanded client accounts and new client acquisitions.
- The IT staffing services segment saw a 5% sequential revenue growth, primarily from increased contract spending by existing large clients.
- The company reported a GAAP net income of $1.4 million in Q2 2024, compared to a net loss of $2.2 million in Q2 2023.
- Mastech Digital Inc (MHH) maintained a strong financial position with $20.6 million in cash and no bank debt as of June 30, 2024.
- Consolidated revenues for Q2 2024 were $49.5 million, down from $52.2 million in Q2 2023, indicating a year-over-year decline.
- The IT staffing services segment experienced a year-over-year revenue decrease from $43.4 million in Q2 2023 to $40.7 million in Q2 2024.
- The company did not repurchase any shares during Q2 2024 due to an extended blackout period related to confidential corporate matters.
- Mastech Digital Inc (MHH) continues to face challenges in maintaining consistent revenue growth, despite improvements in certain segments.
- The company did not provide any guidance for future quarters, which may create uncertainty for investors.
Greetings and welcome to the Mastech Digital Q2 2024 earnings call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Lacey Manager of Legal Affairs. Thank you , MS.Lacey. You may begin.
Thank you, operator, and welcome to Mastech Digital's Second Quarter 2024 conference call. If you have not yet received a copy of our earnings announcement. It can be obtained from our website at www.Mastechdigital.com. With me on the call today are Vivek Gupta, Mastech Digital's Chief Executive Officer, and Jack Cronin, our Chief Financial Officer.
I'd like to remind everyone that statements made during this call that are not historical facts are forward looking statements. These forward looking statements include our financial growth and liquidity projections as well as statements about our plans, strategies, intentions, and beliefs concerning the
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