Mastech ( (MHH) ) has released its Q3 earnings. Here is a breakdown of the information Mastech presented to its investors.
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Mastech Digital, Inc. is a leading provider of Digital Transformation IT Services, known for its Data Management, Analytics Solutions, Digital Learning, and IT Staffing Services. Headquartered in Pittsburgh, PA, the company operates with a Digital First approach across the U.S., Canada, Europe, and India.
Mastech Digital reported a strong financial performance for the third quarter of 2024, highlighting an 8% increase in year-over-year revenue and a 5% gain in sequential revenue growth. The company achieved a record consolidated gross margin of 28.5%, reflecting improved operational efficiencies and a healthier macro-economic environment.
The company’s Data and Analytics Services segment saw a significant 17% increase in revenue compared to the same quarter last year, while the IT Staffing Services segment posted a 7% year-over-year growth. Mastech’s GAAP diluted earnings per share rose to $0.16, a substantial increase from $0.01 in the prior year, with non-GAAP diluted earnings per share reaching $0.23.
Mastech’s robust revenue growth was supported by solid activity levels in their service segments, with notable increases in client spending and new assignments. The company maintained a healthy cash position with $23.9 million on hand and no bank debt, along with a favorable Days Sales Outstanding measurement.
Looking ahead, Mastech Digital remains optimistic about its growth prospects, driven by increased demand and strategic operational improvements. The company is well-positioned to leverage its strong financial foundation and market opportunities to continue its upward trajectory.
