Mastech Digital revenue rises 26%, consultants on billing increase

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October 27, 2021

Mastech Digital Inc. (NYSEAMERICAN: MHH) reported third-quarter revenue rose 25.6% year over year, representing a record for the Pittsburgh-based IT staffing and services provider. Staffing revenue benefitted from a 24% increase in consultants on billing during the first nine months of the year.

“The financial results for the third quarter reflect one of the company’s strongest quarters since going public in 2008,” President and CEO Vivek Gupta said.

(US$ thousands) Q3 2021 Q3 2020 % change
Revenue $59,531 $47,383 25.6%
Gross profit $16,620 $13,090 27.0%
Gross margin 27.9% 27.6%  
Net income $3,406 $2,998 13.6%

Mastech also reported growth was up 11% sequentially from the second quarter.

Revenue by segment

(US$ thousands) Q3 2021 Q3 2020 % change
Data and analytics services $10,523 $7,176 46.6%
IT staffing services $49,008 $40,207 21.9%

The company reported both the data and analytics segment and the IT staffing segment posted record revenue, and Gupta noted billing headcount rose 5% in the quarter.

Share price and market cap

Shares in Mastech were up 4.83% to $18.45 as of 12:45 p.m. Eastern time; they were 7.52% below their 52-week high, according to FT.com. The company had a market cap of $201.3 million.

http://www2.staffingindustry.com/site/Editorial/Daily-News/Mastech-Digital-revenue-rises-26-consultants-on-billing-increase-59532

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