Mastech Digital reports a 20% revenue increase in the first quarter of 2022
Mastech Digital Inc., a leading provider of Digital Transformation IT Services, has announced an overall increase of 20% in revenues in the first quarter of 2022, ending March 31. Mastech Digital reported an organic revenue of $59.8 million in the first three months of 2022, compared to revenues of $49.8 million in the 2021 first quarter.
Mastech Digital has also reported a 15% growth in its Data and Analytics Services, while a 21% jump in the IT Staffing segment revenues.
First Quarter 2022 Highlights:
- The company delivered record consolidated revenues in the first quarter of 2022. Total revenues grew organically by 20% to $59.8 million, compared to $49.8 million in the 2021 first quarter.
- The company’s Data and Analytics Services segment reported revenues of $10.2 million, an organic increase of 15% over last year’s $8.8 million.
- The IT Staffing segment achieved record revenues of $49.6 million and record gross margins of 22.9% during the first quarter of 2022. Top-line organic growth totaled 21% compared to the first quarter of 2021.
- GAAP diluted earnings per share were $0.19 in the first quarter of 2022 compared to $0.10 in the first quarter of 2021; and
- Non-GAAP diluted earnings per share were $0.28 in the first quarter of 2022 compared to $0.19 in the 2021 first quarter.
“Activity levels at the Company’s Data and Analytics Services segment were solid, with order bookings of $11.8 million. Additionally, the backlog increased during the quarter. Demand for the Company’s IT Staffing Services segment remained elevated during the first quarter, as the segment achieved record revenues and gross margins,” according to a statement released by Mastech Digital.
Vivek Gupta, President and Chief Executive Officer at Mastech Digital, was elated with the year’s solid start and welcomed Ganeshan Venkateshwaran to the company.
“2022 is off to a strong start with solid financial results in a quarter that has historically been weak. Our business segments had sequential revenue growth, strong year-over-year top-line growth, and solid operating profits. Additionally, we brought onboard Ganeshan Venkateshwaran, a seasoned leader with an impressive track record of success in the digital transformation services space, as the CEO of our Data and Analytics Services segment. Ganeshan joins us with a wealth of knowledge around advanced technologies and digital transformation services to lead the next growth phase for Mastech InfoTellis,” Vivek Gupta said.
Mastech Digital offers Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital First approach. Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, EMEA, India, and ASEAN.