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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, Inc. (NYSE American: MHH) reported a 3% decline in Q4 2022 revenues, totaling $57.2 million, down from $59.0 million in Q4 2021. The company attributed this drop to decreased activity in its Data and Analytics Services segment, which saw revenues of $9.1 million compared to $10.1 million last year. Overall, full-year revenues increased by 9% to $242.2 million. However, GAAP diluted EPS fell to $0.13 in Q4 from $0.32 in the previous year. Mastech’s Board has authorized a share repurchase program of up to 500,000 shares. The company remains optimistic about its future despite economic uncertainties, appointing Michael Fleishman as CEO of Data and Analytics Services.
Mastech Digital, Inc. (NYSE American: MHH) has announced a conference call scheduled for February 8, 2023, at 9:00 a.m. ET, to discuss its fourth quarter and full year financial results for the period ending December 31, 2022. The call will feature CEO Vivek Gupta, Mastech InfoTrellis CEO Michael Fleishman, and CFO Jack Cronin. Interested parties can participate via a listen-only dial-in or a live webcast on the company’s website. A replay will be available for a week following the call. Mastech Digital is a provider of Digital Transformation IT Services, based in Pittsburgh, PA.
Mastech Digital, Inc. (NYSE American: MHH) has appointed Mr. Michael Fleishman as Chief Executive Officer of Mastech InfoTrellis, effective immediately. With over 27 years of experience in digital technology, Fleishman aims to enhance the company's Data and Analytics Services segment by leveraging its strengths in data management and cloud services. Previous roles include leadership positions at IBM and Cognizant. Co-Chairman Sunil Wadhwani praised Fleishman's track record in revenue growth, while CEO Vivek Gupta expressed optimism for future growth under his leadership.
Mastech Digital, Inc. (MHH) reported financial results for Q3 2022, highlighting consolidated revenues of $63.2 million, a 6% organic growth from $59.5 million in Q3 2021. The IT Staffing Services segment saw an 8% revenue increase to $53.1 million, while the Data and Analytics Services segment declined by 3.8% to $10.1 million. GAAP diluted earnings per share decreased to $0.20 from $0.28, impacted by a $570,000 cyber-security breach and international operational closures. Cash balances were $3.5 million, with $36.4 million in cash availability.
Mastech Digital, Inc. (NYSE American: MHH) announces the immediate resignation of Ganeshan Venkateshwaran as CEO of its Data and Analytics Services segment. The Board of Directors expresses gratitude for his dedication during his tenure. Vivek Gupta, the current President and CEO, will temporarily oversee this segment until a successor is appointed. Mastech Digital specializes in Digital Transformation IT Services including Data Management and Analytics Solutions, and IT Staffing Services, with operations in the U.S., Canada, Europe, and India.
Mastech Digital, Inc. (NYSE American: MHH) will hold a conference call on November 2, 2022, at 9:00 a.m. Eastern Time, to discuss its financial results for the third quarter ended September 30, 2022. The call will feature CEO Vivek Gupta, CFO Jack Cronin, and Ganeshan Venkateshwaran from Mastech InfoTrellis. Investors can join via a listen-only dial-in or a live webcast. A replay will be available for seven days post-call. Mastech Digital specializes in Digital Transformation IT Services, including Data Management and IT Staffing.
Mastech Digital has launched an online staffing platform that enhances the way clients find IT consultants. This self-service platform integrates with the company's website, allowing users to browse a vast database of candidates based on skills, experience, and location. Clients can select candidates and add them to a 'shopping cart' for evaluation. According to CEO Vivek Gupta, this milestone improves efficiency in onboarding IT professionals. This launch follows previous initiatives like MAS-REMOTE, which connects clients to top remote technology workers.
Mastech Digital achieved significant financial milestones in Q2 2022, reporting $62.1 million in consolidated revenue, a 16% organic increase year-over-year. The Data and Analytics segment excelled with a 26% revenue growth, totaling $11.3 million. IT Staffing recorded $50.9 million in revenue with 23.3% gross margin. GAAP net income declined to $2.4 million or $0.20 per diluted share from $3.7 million a year prior, influenced by previous year's contingent liability revaluation. Non-GAAP earnings rose to $3.6 million or $0.30 per share.
Mastech Digital, Inc. (NYSE American: MHH) will hold a conference call to discuss its second quarter results for the period ending June 30, 2022. The call is scheduled for August 3, 2022, at 9:00 a.m. ET, featuring CEO Vivek Gupta, CFO Jack Cronin, and Ganeshan Venkateshwaran from Mastech InfoTrellis. Investors can join via dial-in or live webcast and should log on 10 minutes early. A replay will be available for 7 days post-call. Mastech Digital specializes in Digital Transformation IT Services, including Data Management and Analytics Solutions.
Mastech Digital (MHH) reported strong financial results for Q1 2022, achieving a record revenue of $59.8 million, a 20% increase year-over-year from $49.8 million in Q1 2021. The Data and Analytics Services segment grew by 15% to $10.2 million, while the IT Staffing segment reached record revenues of $49.6 million with gross margins of 22.9%. GAAP diluted earnings per share rose to $0.19 from $0.10, while non-GAAP earnings increased to $0.28 from $0.19. The company also noted solid demand in its IT Staffing Services and brought on a new CEO for its Data and Analytics Services segment.
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