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ASGN Incorporated - ASGN STOCK NEWS

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ASGN Incorporated (ASGN) is a leading provider of professional staffing and IT solutions, operating across technology, digital, creative, engineering, and life sciences fields. The company serves both commercial and government sectors within the United States and internationally, offering a wide range of services through its three main segments: Apex, Oxford, and ECS.

The Apex segment specializes in supplying technology, digital, creative, scientific, and engineering professionals for contract, contract-to-hire, and permanent placement roles. Apex primarily caters to Fortune 1000 clients and mid-market companies, providing them with critical talent to drive their business operations.

The Oxford segment focuses on delivering highly specialized technology, digital, engineering, and life sciences staffing and consulting services. Known for its expertise in finding hard-to-reach talent, Oxford operates in various skill and geographic markets, ensuring that clients receive top-notch consultancy and staffing solutions.

The ECS segment is dedicated to providing advanced IT solutions, including cloud services, cybersecurity, artificial intelligence, machine learning, application modernization, and science and engineering. ECS serves both commercial enterprises and government entities, including the Department of Defense, intelligence agencies, and civilian agencies, with a strong focus on mission-critical solutions.

Established in 1985 and originally known as On Assignment, Inc., the company rebranded to ASGN Incorporated in April 2018. Headquartered in the United States, ASGN has built a robust reputation for its comprehensive service offerings and ability to meet the evolving needs of its diverse client base.

Recent Achievements and Projects:

  • Expansion of cloud services and cybersecurity solutions through the ECS segment, serving both commercial and government clients.
  • Strategic partnerships with Fortune 1000 companies to strengthen their digital and technological capabilities.
  • Recognition in the industry for providing innovative staffing solutions that address gaps in the technology and life sciences sectors.

With a strong financial foundation and a commitment to delivering high-quality services, ASGN Incorporated continues to position itself as a key player in the professional staffing and IT solutions industry, maintaining a focus on growth and innovation to meet the demands of an ever-changing market.

Rhea-AI Summary

ASGN Incorporated reported strong financial results for Q4 and full year 2022, with revenues reaching $1.2 billion in Q4, an increase of 9.2% year-over-year, and full-year revenues of $4.6 billion, up 14.3%. Income from continuing operations for Q4 was $55.6 million, and Adjusted EBITDA stood at $131.9 million (11.5% of revenues). The company acquired Iron Vine Security and GlideFast Consulting, enhancing its cybersecurity and IT consulting capabilities. ASGN also repurchased 2.8 million shares for $281.4 million. The estimated revenues for Q1 2023 range from $1.14 billion to $1.16 billion.

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ASGN Incorporated (NYSE: ASGN) will announce its fourth quarter and full year 2022 financial results on February 8, 2023, at around 4:15 p.m. ET. A conference call will follow at 4:30 p.m. ET, hosted by CEO Ted Hanson. The prepared remarks will be available on the company’s website before the call. Interested parties can join the call by dialing 877-407-0792 (or +1-201-689-8263 internationally) and using Conference ID 13734748. A replay will be accessible from 7:30 p.m. ET on the same day until February 22, 2023.

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ECS has extended its sponsorship with Old Glory DC, Washington D.C.'s professional rugby team, for the 2023 Major League Rugby season. This partnership stems from ECS's recent acquisition of Iron Vine Security, a founding sponsor of Old Glory since 2019. ECS's logo will be featured on the team's jerseys, and they will become the title sponsor of the Shield Series, an invitational tournament aimed at fostering rugby talent in the Mid-Atlantic region. The partnership reflects ECS's commitment to growing rugby in the community. Old Glory DC will host two preseason matches on February 3 and 10, followed by eight regular-season home games starting February 18.

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ECS has secured a two-year contract valued at $26M with the IRS to lead the largest data migration in its history. This initiative is part of the IRS Modernization Plan aimed at enhancing taxpayer services and core operations. The migration will involve moving applications and workflows to SharePoint Online and redesigning legacy processes on Power Platform. This project is expected to improve data insights, automation, and AI capabilities, enhancing the IRS's mission of tax law enforcement.

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ECS has secured a five-year, $430 million recompete contract with the Army to enhance its Endpoint Security Solution (AESS). This partnership will expand endpoint detection and response capabilities, providing managed service operations and advanced protections for approximately 800,000 endpoints across Army networks. ECS aims to implement a zero-trust solution leveraging open architecture for continuous innovation. This contract underscores ECS's ongoing commitment to delivering advanced cybersecurity and IT solutions for the Army, optimizing compliance and threat detection.

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ASGN Incorporated (NYSE: ASGN) reported Q3 2022 revenues of $1.2 billion, up 11.6% year-over-year, with adjusted EBITDA at $148.7 million, an 8.9% increase. The revenue growth was driven by a 16.1% rise in the Commercial Segment, particularly in consulting services which saw a remarkable 43.2% jump. Net income was $73.2 million, down 65.5% due to high prior-year figures. Notably, cash flow from operations rose by 18.3% to $88.1 million. The company also announced acquisitions of GlideFast Consulting and Iron Vine Security, enhancing its service offerings.

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ASGN Incorporated (NYSE: ASGN) will release its third quarter 2022 financial results on October 26, 2022 at approximately 4:15 p.m. ET. This will be followed by a conference call at 4:30 p.m. ET, hosted by CEO Ted Hanson. The conference call can be accessed by dialing 877-407-0792 (international: +1-201-689-8263) with Conference ID 13732512. A replay of the call will be available until November 9, 2022, and a webcast will be provided on the company's website.

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ASGN Incorporated has announced the acquisition of Iron Vine Security, a cybersecurity firm, enhancing its position in cybersecurity solutions. With a team of 230 professionals, Iron Vine will join ASGN's ECS Federal segment. The acquisition strengthens ASGN's offerings for federal clients, including agencies like the National Institutes of Health and Securities and Exchange Commission. ASGN plans to grant approximately $7 million in restricted stock unit awards to 36 Iron Vine employees post-acquisition, vesting over several years.

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FAQ

What is the current stock price of ASGN Incorporated (ASGN)?

The current stock price of ASGN Incorporated (ASGN) is $83.87 as of December 20, 2024.

What is the market cap of ASGN Incorporated (ASGN)?

The market cap of ASGN Incorporated (ASGN) is approximately 3.8B.

What does ASGN Incorporated do?

ASGN Incorporated provides professional staffing and IT solutions in technology, digital, creative, engineering, and life sciences fields for commercial and government sectors.

What are the main segments of ASGN Incorporated?

ASGN Incorporated operates through three main segments: Apex, Oxford, and ECS.

What services does the Apex segment offer?

The Apex segment supplies technology, digital, creative, scientific, and engineering professionals for contract, contract-to-hire, and permanent placement roles, primarily for Fortune 1000 and mid-market clients.

What is the focus of the Oxford segment?

The Oxford segment delivers specialized technology, digital, engineering, and life sciences staffing and consulting services in various skill and geographic markets.

What advanced solutions does the ECS segment provide?

The ECS segment offers advanced IT solutions such as cloud services, cybersecurity, artificial intelligence, machine learning, application modernization, and science and engineering.

When was ASGN Incorporated founded?

ASGN Incorporated was founded in 1985.

What was the former name of ASGN Incorporated?

The former name of ASGN Incorporated was On Assignment, Inc. The name changed to ASGN Incorporated in April 2018.

Who are the primary clients of ASGN Incorporated?

ASGN Incorporated serves a diverse client base, including Fortune 1000 companies, mid-market companies, the Department of Defense, intelligence agencies, and civilian agencies.

Where is ASGN Incorporated headquartered?

ASGN Incorporated is headquartered in the United States.

What recent achievements has ASGN Incorporated made?

Recent achievements include expanding cloud services and cybersecurity solutions, strategic partnerships with Fortune 1000 companies, and industry recognition for innovative staffing solutions.

ASGN Incorporated

NYSE:ASGN

ASGN Rankings

ASGN Stock Data

3.76B
42.73M
3.33%
100.44%
3.85%
Information Technology Services
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United States of America
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