Shares of ASGN Inc (NYSE: ASGN) are skyrocketing in Thursday's intraday trading, surging by an impressive 17.45% following the release of the company's stellar second-quarter earnings report. The staffing and IT services firm has demonstrated remarkable resilience in a challenging market environment, significantly outperforming Wall Street's expectations.
ASGN reported adjusted earnings per share (EPS) of $1.17 for Q2, handily beating the consensus estimate of $1.08 by 7.93%. Revenue for the quarter came in at $1.020 billion, surpassing analyst expectations of $995.5 million by 2.39%. Despite a slight year-over-year revenue decline of 1.45%, the company's ability to exceed projections in the current economic climate has clearly impressed investors.
Adding fuel to the rally, ASGN provided an optimistic outlook for the third quarter. The company forecasts Q3 revenue between $992 million and $1.012 billion, aligning with the consensus estimate of $1 billion. Furthermore, ASGN projects adjusted EPS for Q3 in the range of $1.18 to $1.26, compared to the consensus of $1.22. This forward-looking guidance suggests continued strong performance, further boosting investor confidence. The positive sentiment is reinforced by William Blair analyst Maggie Nolan, who maintained a Buy rating on ASGN stock, signaling promising growth opportunities for the company.
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