RCM Technologies Inc. (NASDAQ: RCMT), a staffing provider based in Pennsauken, New Jersey, reported fourth-quarter revenue rose 8.2% year over year to $70.2 million. Gross margin also improved.
RCM’s engineering segment posted the fastest growth, with revenue rising 32.4% year over year to nearly $24.2 million in the fourth quarter. However, revenue in the company’s IT segment fell 14.0%.
“We finished 2022 strong, demonstrating robust growth in revenue, EBITDA, and earnings per share while investing heavily in the future,” said CFO Kevin Miller. “In addition, the company’s strong discretionary cash generating characteristics provided us over $28 million in cash flow from operations in 2022, which we expect to assist the company in producing enhanced returns over the long term.”
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Share price and market cap
Shares in RCM were up 7.66% to $13.42 as of 11:17 a.m. Eastern time today; they were 88.27% above their 52-week low of $7.36 set on March 18, according to FT.com. The company had a market cap of $122.63 million.