ASGN Incorporated reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a decline in revenues and profitability compared to the previous fiscal period. For the third quarter, ASGN generated revenues of $1,031.0 million, a decrease of 7.7% from $1,116.8 million in Q3 2023. For the nine months, total revenues were $3,114.7 million, down 7.8% from $3,376.5 million in the same period last year.
The company's gross profit for Q3 2024 was $300.4 million, down 6.8% from $322.4 million in Q3 2023, while the gross margin improved slightly to 29.1% from 28.9%. For the nine months, gross profit decreased to $897.7 million from $975.1 million, resulting in a gross margin of 28.8%, down 10 basis points year-over-year.
Net income for Q3 2024 was $47.5 million, a decline from $59.4 million in Q3 2023. For the nine months, net income fell to $132.8 million from $169.0 million in the prior year. Basic earnings per share for Q3 2024 were $1.07, down from $1.23 in Q3 2023, while diluted earnings per share were $1.06 compared to $1.23 in the same quarter last year.
The Commercial Segment reported revenues of $718.8 million for Q3 2024, down 14.6% from $782.4 million in Q3 2023. Within this segment, assignment revenues decreased significantly to $433.8 million, while consulting revenues increased to $285.0 million. For the nine months, Commercial Segment revenues totaled $2,176.0 million, down 10.3% year-over-year. The Federal Government Segment also saw a decline, with revenues of $312.2 million in Q3 2024, down 6.6% from $334.4 million in Q3 2023.
ASGN's total assets decreased to $3,431.7 million as of September 30, 2024, from $3,544.6 million at the end of 2023. Total liabilities increased slightly to $1,657.3 million, while total stockholders' equity fell to $1,774.4 million from $1,892.1 million. The company’s long-term debt was reported at $1,034.4 million, a slight decrease from $1,036.6 million at the end of 2023.
In terms of strategic developments, ASGN announced a new stock repurchase program on April 24, 2024, allowing for the repurchase of up to $750.0 million of its common stock over the next two years. The company repurchased shares during the quarter, reflecting its commitment to returning value to shareholders.
About ASGN Inc
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