Consolidated Gross Margins of 28.5% Set a New Mastech Digital Record for the Quarter
PITTSBURGH, Nov. 6, 2024 /PRNewswire/ — Mastech Digital, Inc. (NYSE AMERICAN: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
Total consolidated revenues increased by $4.1 million on a year-over-year basis and by $2.3 million on a sequential quarterly basis to $51.8 million and represented our third consecutive quarter of revenue growth.
The Company’s Data and Analytics Services segment reported revenues of $9.4 million, which were 17% higher than revenues in the third quarter of 2023 and 6% higher on a sequential basis from the second quarter of 2024.
The IT Staffing Services segment delivered revenues of $42.4 million, achieving year-over-year growth of 7% and sequential quarterly growth of 4% when compared to revenues reported in the second quarter of 2024.
Gross margins achieved during the third quarter of 2024 were a Company performance record 28.5%, surpassing our previous gross margin record from the previous quarter.
GAAP diluted earnings per share was $0.16 in the third quarter of 2024, versus $0.01 in the third quarter of 2023 and $0.12 in the second quarter of 2024; and Non-GAAP diluted earnings per share was $0.23 in the third quarter of 2024, versus $0.11 in the third quarter of 2023 and $0.19 in the second quarter of 2024.
With the impressive growth in revenues and record-setting gross margins, Mastech Digital has set a new standard for performance in the IT services industry. The company’s focus on digital transformation and data analytics services has proven to be successful, as evidenced by the strong financial results in the third quarter of 2024.
How does this affect me?
As a customer or potential investor, the strong financial performance of Mastech Digital indicates a company that is not only stable but also poised for future growth. This may translate to better services and offerings for customers, as well as potential returns for investors.
How does this affect the world?
The success of Mastech Digital reflects the growing demand for digital transformation services in the global market. As more businesses and industries seek to adapt to the digital age, companies like Mastech Digital play a crucial role in driving innovation and technological advancement on a global scale.
Conclusion:
In conclusion, Mastech Digital’s record-setting performance in the third quarter of 2024 is a testament to the company’s commitment to excellence and innovation in the IT services industry. With strong revenue growth, impressive gross margins, and earnings per share surpassing expectations, Mastech Digital is well-positioned for continued success in the future.
