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Mastech Digital, Inc. (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. Headquartered in Pittsburgh, PA, the company offers comprehensive Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital-First approach. With offices across the U.S., Canada, Europe, and India, Mastech Digital is a minority-owned enterprise committed to leveraging technology for impactful results.
The company operates through two main segments: Data & Analytics Services and IT Staffing Services. The Data & Analytics Services segment delivers specialized data management, data engineering, customer experience consulting, data analytics, and cloud services to a global clientele. Meanwhile, the IT Staffing Services segment focuses on combining technical expertise with business process experience to deliver a broad range of services in both digital and mainstream technologies.
Mastech Digital has a robust track record, engaging with leading corporations across the U.S. to meet their IT staffing needs timely and efficiently. The company is known for its ability to source 'purple squirrels' – those rare and highly specialized skill sets that are otherwise hard to find. This expertise is underpinned by robust sourcing practices and stringent screening methodologies, ensuring high staffing efficiencies for clients.
Recent financial performance has been mixed. In the second quarter of 2023, the company reported revenues of $52.2 million, down from $62.1 million in the same period of the previous year. Gross profits stood at $13.6 million, and there was a GAAP net loss of $2.2 million. Despite these challenges, the Data & Analytics Services segment showed resilience with improved bookings. However, the IT Staffing Services segment faced demand decline due to economic uncertainties, particularly affecting the financial services industry.
During the third quarter of 2023, revenues further dipped to $47.8 million. However, the company maintained a positive outlook, highlighting a solid balance sheet with $15.9 million in cash and no bank debt. The fourth quarter saw revenues at $46.1 million, with a notable uptick in order bookings for the Data and Analytics segment, indicating potential growth as market conditions improve.
Mastech Digital’s leadership has been proactive in addressing economic challenges. CEO Vivek Gupta has emphasized cost-reduction measures and maintaining a fundamentally sound business. Additionally, CFO Jack Cronin highlighted a strong financial position with significant cash balances and no bank debt as of December 31, 2023.
The company's commitment to innovation is exemplified by the recognition of its co-founders, Sunil Wadhwani and Dr. Romesh Wadhwani, as TIME Magazine's inaugural TIME 100 AI Leaders. This accolade underscores their dedication to leveraging AI for societal benefits, particularly in healthcare, education, and economic upliftment for underserved populations.
Looking ahead, Mastech Digital remains focused on expanding its service offerings and improving operational efficiencies to navigate economic uncertainties and capitalize on growth opportunities in 2024.
Mastech Digital (NYSE-American: MHH) has appointed Nirav Patel as its new President, CEO, and Board Member, effective January 6, 2025. Patel, who brings over 20 years of technology executive experience, succeeds Vivek Gupta, who is stepping down after leading the company since 2016. Patel previously served as President and CEO of Bristlecone, where he transformed it into the industry's largest pure-play supply chain services provider. Before that, as Senior VP at Cognizant, he scaled the Communications, Media, and Technology business to over $2 billion in annual revenue. Under Gupta's 9-year leadership, Mastech Digital transformed from an IT staffing company to a technology solutions organization, notably through the acquisition of InfoTrellis's services business.
Mastech Digital (NYSE AMERICAN: MHH) reported strong Q3 2024 results with total revenues of $51.8 million, up 8% year-over-year and 5% sequentially. The company achieved record gross margins of 28.5%. Data and Analytics Services revenue grew 17% YoY to $9.4 million, while IT Staffing Services revenue increased 7% YoY to $42.4 million. GAAP diluted EPS improved to $0.16 from $0.01 in Q3 2023, and non-GAAP diluted EPS rose to $0.23 from $0.11. The company ended the quarter with $23.9 million in cash, no bank debt, and $25 million available credit facility.
Mastech Digital (NYSE American: MHH) has scheduled a conference call to discuss its third quarter 2024 financial results on November 6, 2024 at 9:00 a.m. Eastern Time. CEO Vivek Gupta and CFO Jack Cronin will host the call. Investors can access the call via dial-in number 877-407-3980 or through a live webcast on the company's website. A replay will be available for 7 days following the call, accessible via domestic (877-660-6853) and international (201-612-7415) numbers using conference number 13749035.
Mastech Digital (NYSE American: MHH) reported strong financial results for Q2 2024, with total consolidated revenues increasing by $2.7 million to $49.5 million. The company achieved a record-breaking gross profit margin of 28.2%. Key highlights include:
- Data and Analytics Services segment revenues grew 10% sequentially to $8.9 million
- IT Staffing Services segment revenues increased 5% sequentially to $40.7 million
- GAAP diluted EPS improved to $0.12 profit from ($0.19) loss in Q2 2023
- Non-GAAP diluted EPS rose to $0.19 from $0.11 in Q2 2023
The company reported solid activity levels and increased client spending, with order bookings of $9.2 million in the Data and Analytics segment and a 10% growth in billable consultants over the first half of 2024.
Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, has announced a conference call to discuss its second quarter 2024 financial results. The call is scheduled for August 7, 2024, at 9:00 a.m. Eastern Time. CEO Vivek Gupta and CFO Jack Cronin will host the call.
Investors can access the call through a listen-only dial-in number (877-407-3980) or via a live webcast on the company's website. A replay will be available for 7 days following the call, accessible through domestic (877-660-6853) and international (201-612-7415) numbers using the conference number 13747171. The webcast replay will also be available on Mastech Digital's corporate website for a week.
Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, has announced a conference call to discuss its first quarter 2024 financial results. The call is scheduled for Wednesday, May 8th at 9:00 a.m. Eastern Time and will be hosted by CEO Vivek Gupta and CFO Jack Cronin. Investors can access the call via a listen-only dial-in number (877-407-3980) or through a live webcast available on the company's website. A replay of the call will be accessible for 7 days following the event, with domestic and international dial-in numbers provided. The webcast replay will also be available on Mastech Digital's corporate website for a week after the call.
As an AI stock analyst, I must inform you that the press release regarding Mastech Digital, Inc.'s discussion of First Quarter 2024 Financial Results on May 8, 2024, has been deleted by the news provider. Without access to the original content, it is not possible to provide a comprehensive analysis or summary of the company's financial performance or future outlook.
Mastech Digital, Inc. reported a 15% decline in total consolidated revenues to $46.8 million for the first quarter of 2024. However, the company saw a 2% sequential increase from the fourth quarter of 2023. The Data and Analytics Services segment revenues were $8.1 million, with the IT Staffing Services segment showing a 6% increase in billing consultant headcount. GAAP diluted earnings per share were ($0.01), while non-GAAP diluted earnings per share were $0.06. The company had $19.4 million in cash balances, no bank debt, and borrowing availability of $24.2 million as of March 31, 2024.
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