Research Desk Line-up: 51job Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 21, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on On Assignment, Inc. (NYSE: ASGN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ASGN, following the Company's release of its financial results on October 25, 2017, for the third quarter of the fiscal year 2017. The staffing Company's revenues and adjusted EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Staffing & Outsourcing Services industry. Pro-TD has currently selected 51job, Inc. (NASDAQ: JOBS) for due-diligence and potential coverage as the Company announced on November 07, 2017, its unaudited financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on 51job when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ASGN; also brushing on JOBS. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended September 30, 2017, On Assignment's revenues increased 6%, or 6.6% on a constant currency basis, to $667.05 million from $629.40 million in Q3 FY16. The revenue numbers surpassed analysts' expectations of $665.2 million.
For the reported quarter, the Company's average number of staffing consultants increased 3.7% to 2,492 from 2,403 in Q3 FY16. During Q3 FY17, the Company's average bill rate was $63.49 compared to $62.45 in the same period of last year. For the reported quarter, the Company's gross profit per staffing consultant increased 2.3% to $88,000 from $86,000 in Q3 FY16.
During Q3 FY17, On Assignment's gross profit increased 5.4% to $218.32 million from $207.12 million in the comparable period of last year. For the reported quarter, the Company's gross margin decreased 20 basis points to 32.7% of revenue from 32.9% of revenue in Q3 FY16. The decrease was due to a lower mix of permanent placement revenues.
During Q3 FY17, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased 7.2% to $83.38 million from $77.77 million in the corresponding period of last year. For the reported quarter, the Company's adjusted EBITDA margin increased 10 basis points to 12.5% of revenue from 12.4% of revenue in Q3 FY16.
For the reported quarter, On Assignment's amortization expenses decreased 15.3% to $8.25 million from $9.74 million in the third quarter of 2016. The decrease was due to the accelerated amortization method for certain acquired intangibles, which had higher amortization rates at the beginning of their useful life.
During Q3 FY17, On Assignment's operating income increased 9.9% to $60.87 million from $55.41 million in the same period of last year. For the reported quarter, the Company's operating margin increased 30 basis points to 9.1% of revenue from 8.8% of revenue in Q3 FY16.
For the reported quarter, On Assignment's net income increased 17.1% to $34.86 million on a y-o-y basis from $29.77 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) increased 20% to $0.66 on a y-o-y basis from $0.55 in the comparable period of last year. For the reported quarter, On Assignment's adjusted net income increased 10.2% to $44.12 million on a y-o-y basis from $40.03 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS increased 12.2% to $0.83 on a y-o-y basis from $0.74 in Q3 FY16. The adjusted diluted EPS surpassed analysts' expectations of $0.75.
Apex - During Q3 FY17, On Assignment's Apex segment's revenues increased 9.3% to $517.5 million from $473.6 million in the same period of last year. For the reported quarter, the segment's gross profit increased 8.4% to $155.7 million from $143.7 million in Q3 FY16. For the reported quarter, the segment's gross margin decreased 20 basis points to 30.1% of revenue from 30.3% of revenue in the third quarter of 2016.
Oxford - During Q3 FY17, On Assignment's Oxford segment's revenues, decreased 4% to $149.6 million from $155.8 million in the comparable period of last year. For the reported quarter, the segment's gross profit decreased 1.4% to $62.6 million from $63.4 million in Q3 FY16. For the reported quarter, the segment's gross margin increased 110 basis points to 41.8% of revenue from 40.7% of revenue in the third quarter of 2016.
As on September 30, 2017, On Assignment's cash and cash equivalents increased 3.4% to $27.98 million from $27.04 million as on December 31, 2016. For the reported quarter, the Company's long-term debt decreased 4.7% to $610.00 million from $640.36 million in Q4 FY16.
During Q3 FY17, the Company's cash provided by operating activities increased 25.4% to $53.68 million from $42.78 million in the corresponding period of last year. For the reported quarter, the Company's free cash flow increased 35.2% to $48.85 million from $36.14 million in Q3 FY16.
During Q3 FY17, the Company repurchased 999,618 shares for $47.9 million, at an average per share price of $47.90.
During Q3 FY17, On Assignment acquired StratAcuity Staffing Partners, Inc., a life sciences staffing firm, for $25.9 million.
For Q4 FY17, On Assignment expects revenues to be in the range of $658 million - $668 million, and adjusted EBITDA to be in the band of $77.5 million - $80.5 million. The Company estimates diluted EPS to be in the range of $0.59 - $0.62, and adjusted diluted EPS to be in the band of $0.74 - $0.77 for Q4 FY17.
On Assignment's share price finished yesterday's trading session at $62.90, slightly advancing 0.51%. A total volume of 261.23 thousand shares have exchanged hands. The Company's stock price skyrocketed 36.29% in the last three months, 20.08% in the past six months, and 51.35% in the previous twelve months. Additionally, the stock soared 42.44% since the start of the year. Shares of the Company have a PE ratio of 29.31 and currently have a market cap of $3.23 billion.
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