Mastech Digital, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting consolidated revenues of $51.8 million. This represents an 8% increase compared to $47.8 million in the corresponding quarter of 2023, and a 5% sequential increase over the second quarter of 2024.
The company achieved a record consolidated gross margin of 28.5% in Q3 2024, an improvement from 26.3% in Q3 2023. GAAP net income for the quarter totaled $1.9 million, or $0.16 per diluted share, a significant increase from $125,000, or $0.01 per diluted share, in the prior year period.
The Data and Analytics Services segment saw revenues increase by 17% year-over-year to $9.4 million, with order bookings reaching $11.1 million. The IT Staffing Services segment also grew revenues by 7% year-over-year to $42.4 million, and its billable consultant base increased by 13% over the first nine months of 2024. Mastech Digital maintained a strong financial position with $23.9 million in cash and no bank debt as of September 30, 2024.
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