ASGN Inc. (NYSE: ASGN) — a provider of IT, engineering, life sciences and marketing/creative staffing as well as government solutions — reported fourth-quarter revenue rose 17.0% year over year.
CEO Ted Hanson noted revenue had surpassed the high range of guidance.
| (US$ millions) | Q4 2021 | Q4 2020 | % change |
| Revenue | $1,053.8 | $900.4 | 17.0% |
| Gross profit | $313.7 | $240.8 | 30.3% |
| Gross margin | 29.8% | 26.7% | |
| Net income | $85.0 | $55.4 | 53.4% |
“Our success in the final quarter of 2021 was largely due to the outperformance of our commercial segment, led by our consulting business which improved 75.2% over the prior-year period, as well as double-digit growth in our creative digital marketing and permanent placement services,” Hanson said.
Fourth-quarter revenue included approximately $41.0 million in revenue from businesses acquired after the third quarter of 2020.
Revenue by segment
| (US$ millions) | Q4 2021 | Q4 2020 | % change |
| Commercial | $790.5 | $637.2 | 24.1% |
| Federal government | $263.3 | $263.2 | 0.0% |
Commercial segment revenue included $8.8 million from a business acquired in 2021.
Fourth-quarter revenue in the ASGN’s government services businesses was flat but still in line with expectations.
Full-year results
| (US$ millions) | FY 2021 | FY 2020 | % change |
| Revenue | $4,009.5 | $3,502.1 | 14.5% |
| Gross profit | $1,142.4 | $947.2 | 20.6% |
| Gross margin | 28.5% | 27.0% | |
| Net income | $409.9 | $200.3 | 104.6% |
During the past year, ASGN sold its Oxford business for $525.0 million.
Guidance
ASGN forecast first-quarter revenue to be between $1.03 billion and $1.05 billion.
Share price and market cap
Shares in ASGN were down 0.64% to $116.87 as of 12:42 p.m. Eastern time; they were 11.39% below their 52-week high, according to FT.com. The company had a market cap of $6.13 billion.