On Assignment, Inc. Reports Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ended December 31, 2017
January 31, 2018 at 12:01 pm
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On Assignment, Inc. reported preliminary earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $679.0 million. Net income was $67.3 million or $1.28 per diluted share Adjusted net income was $76.0 million or $1.44 per diluted share. Adjusted EBITDA was $82.9 million.
For the year ended December 31, 2017, the company estimates its revenues and net income will be approximately $2.6 billion and $157.7 million, respectively and its adjusted EBITDA will be approximately $311.4 million. On a pro forma basis, which assumes the acquisition of ECS occurred at the beginning of 2017 (a non-GAAP measure), the company's revenues and adjusted EBITDA are estimated to be approximately $3.2 billion and $379 million, respectively. Additionally, the acquisition is accretive to the company's 2017 adjusted net income (a non-GAAP measure). The company estimates cash flows from operating activities and free cash flow (non-GAAP measure) will be approximately $196.4 million and $172.2 million, respectively.
ASGN Incorporated is a provider of information technology (IT) services and solutions to the commercial and government sectors. The Company operates through two segments: Commercial and Federal Government. The Commercial segment provides IT services and solutions, digital and creative services to Fortune 1000 and large enterprise clients across the United States, Canada and Europe. The Federal Government segment delivers advanced solutions in cloud and enterprise IT, cybersecurity, artificial intelligence, machine learning and digital transformation to meet the mission critical needs of defense, intelligence and federal civilian agencies. This segment provides services under time-and-materials, cost reimbursable, and firm-fixed-price contracts. The Company helps corporate enterprises and government organizations develop, implement and operate critical IT and business solutions through its integrated offering of IT consulting and professional staffing.
On Assignment, Inc. Reports Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ended December 31, 2017