On Assignment Earnings: Here’s Why the Stock is Falling Now
On Assignment Inc. (NASDAQ:ASGN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 5.72%.
On Assignment Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.31 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 148.26% to $401.66 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: On Assignment Inc. reported adjusted EPS income of $0.31 per share. By that measure, the company beat the mean analyst estimate of $0.28. It beat the average revenue estimate of $387.04 million.
Quoting Management: Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “During the fourth quarter, we achieved many milestones that we believe position us well for a strong performance in 2013. These achievements include exceeding the high-end of our Q4 estimates and reporting sequential growth despite approximately one and a half fewer billable days and the effects on our business of Hurricane Sandy. We also continued to pay down our debt and reduce our leverage ratio.”
Key Stats (on next page)…