ASGN Inc. (NYSE:ASGN) shares fell sharply in after-hours trading on Wednesday, dropping over 23% overnight to around $31 after the company released its first-quarter results and outlook.
The stock had closed the regular session at about $40.43 before the decline.
Q1 Results Show Mixed Performance
ASGN provides digital transformation and technology services to commercial and government clients. For the quarter ended March 31, ASGN reported revenue of $968.3 million, with net income of $5.5 million and adjusted EBITDA of $83.6 million.
CEO Ted Hanson said the results were in line with the guidance range while noting weaker-than-expected adjusted EBITDA margins and ongoing cost control efforts.
ASGN’s Transformation: What To Expect Next
ASGN said it paid $290 million in cash for Quinnox in March and used its revolving credit facility to finance the deal. The company also bought back 0.8 million shares for $39 million, and said about $934 million remained under its repurchase authorization at quarter end.
The company said the Everforth name and …
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