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Mastech Digital, Inc. - MHH STOCK NEWS

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Mastech Digital, Inc. (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. Headquartered in Pittsburgh, PA, the company offers comprehensive Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital-First approach. With offices across the U.S., Canada, Europe, and India, Mastech Digital is a minority-owned enterprise committed to leveraging technology for impactful results.

The company operates through two main segments: Data & Analytics Services and IT Staffing Services. The Data & Analytics Services segment delivers specialized data management, data engineering, customer experience consulting, data analytics, and cloud services to a global clientele. Meanwhile, the IT Staffing Services segment focuses on combining technical expertise with business process experience to deliver a broad range of services in both digital and mainstream technologies.

Mastech Digital has a robust track record, engaging with leading corporations across the U.S. to meet their IT staffing needs timely and efficiently. The company is known for its ability to source 'purple squirrels' – those rare and highly specialized skill sets that are otherwise hard to find. This expertise is underpinned by robust sourcing practices and stringent screening methodologies, ensuring high staffing efficiencies for clients.

Recent financial performance has been mixed. In the second quarter of 2023, the company reported revenues of $52.2 million, down from $62.1 million in the same period of the previous year. Gross profits stood at $13.6 million, and there was a GAAP net loss of $2.2 million. Despite these challenges, the Data & Analytics Services segment showed resilience with improved bookings. However, the IT Staffing Services segment faced demand decline due to economic uncertainties, particularly affecting the financial services industry.

During the third quarter of 2023, revenues further dipped to $47.8 million. However, the company maintained a positive outlook, highlighting a solid balance sheet with $15.9 million in cash and no bank debt. The fourth quarter saw revenues at $46.1 million, with a notable uptick in order bookings for the Data and Analytics segment, indicating potential growth as market conditions improve.

Mastech Digital’s leadership has been proactive in addressing economic challenges. CEO Vivek Gupta has emphasized cost-reduction measures and maintaining a fundamentally sound business. Additionally, CFO Jack Cronin highlighted a strong financial position with significant cash balances and no bank debt as of December 31, 2023.

The company's commitment to innovation is exemplified by the recognition of its co-founders, Sunil Wadhwani and Dr. Romesh Wadhwani, as TIME Magazine's inaugural TIME 100 AI Leaders. This accolade underscores their dedication to leveraging AI for societal benefits, particularly in healthcare, education, and economic upliftment for underserved populations.

Looking ahead, Mastech Digital remains focused on expanding its service offerings and improving operational efficiencies to navigate economic uncertainties and capitalize on growth opportunities in 2024.

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Mastech Digital, Inc. (NYSE American: MHH) will conduct a conference call to discuss its second-quarter results, concluding on June 30, 2021. Scheduled for July 28 at 9:00 a.m. ET, the call will feature CEO Vivek Gupta, CFO Jack Cronin, and Chief Executive of Mastech InfoTrellis Paul Burton. Investors can participate via a listen-only dial-in at 877-407-3980 or through a live webcast at Mastech Digital's website. A replay will be available for 7 days post-call, ensuring accessibility for stakeholders.

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Mastech Digital, Inc. (MHH) reported its Q1 2021 financial results, with consolidated revenues of $49.8 million, a 2% sequential increase from Q4 2020. While the Data and Analytics Services segment saw strong bookings, revenues remained flat year-over-year. The IT Staffing Services segment added a record 99 consultants, marking a 9% increase in demand. GAAP net income decreased to $1.2 million ($0.10 per share) from $1.9 million ($0.16). The company had cash reserves of $7.2 million with no debt, positioning it for future growth amid improving customer demand.

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Mastech Digital, Inc. (NYSE American: MHH) will hold a conference call on April 28, 2021, at 9:00 a.m. ET to discuss its first quarter results ending March 31, 2021. The call will be hosted by CEO Vivek Gupta, CFO Jack Cronin, and Paul Burton, Chief Executive of Mastech InfoTrellis. Investors can join via phone or live webcast. A replay will be accessible for 7 days after the call. Mastech Digital specializes in Digital Transformation IT Services, including Data Management and Analytics Solutions.

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Mastech Digital's CEO, Vivek Gupta, has been recognized as one of the '2021 Most Influential Leaders of the Staffing Industry' by Staffing Industry Analysts. This marks the third time Gupta has received this honor, reflecting his commitment to innovation in the staffing sector during the challenging landscape of 2020. Gupta, who has been with the company since March 2016, has guided Mastech's transformation from an IT staffing service to a digital services provider, enhancing its offerings in Data, Digital Staffing, and Learning Services.

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Mastech Digital (NYSE American: MHH) reported its Q4 and full-year 2020 financial results, showing a 3% decline in Q4 revenues to $48.7 million from $50.4 million in 2019. Full-year revenues slightly increased to $194.1 million. The Data and Analytics segment achieved record revenues of $8.9 million due to the AmberLeaf acquisition, while the IT Staffing segment faced a $3.4 million revenue drop. GAAP EPS decreased from $0.20 to $0.17 in Q4, but non-GAAP EPS rose to $0.29. The company improved cash balances by $4 million and reduced bank debt by $8 million.

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Mastech Digital (NYSE American: MHH) will hold a conference call on February 10, 2021, at 9:00 a.m. ET to discuss its fourth quarter and full year 2020 financial results. The call features CEO Vivek Gupta, CFO Jack Cronin, and Paul Burton, Chief Executive of Mastech InfoTrellis. Investors can join via a listen-only dial-in or a live webcast available on the company’s website. A replay will be accessible for 7 days after the call. Mastech Digital offers Digital Transformation IT Services and is headquartered in Pittsburgh, PA.

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Mastech Digital (MHH) reported Q3 2020 revenues of $47.4 million, a decrease from $49.5 million in Q3 2019, influenced by COVID-19. Despite this, gross margins rose to a record 27.6%, up 100 basis points from the previous quarter. GAAP diluted earnings per share reached $0.25, compared to $0.17 a year prior, while non-GAAP EPS increased to $0.32 from $0.23. The Data and Analytics Services segment saw a sequential revenue rise, while IT Staffing Services gained headcount. The company reduced bank debt by $6.1 million, enhancing its financial position.

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Mastech Digital, Inc. (NYSE American: MHH) scheduled a conference call to discuss its third-quarter financial results for the period ending September 30, 2020. The call will take place on October 28, 2020, at 9:00 a.m. Eastern Time, featuring CEO Vivek Gupta, CFO Jack Cronin, and Paul Burton from Mastech InfoTrellis. Investors can access the call via a dial-in number or a live webcast on the company's website. A replay will be available for seven days post-call, ensuring investors can stay informed about the company's performance.

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FAQ

What is the current stock price of Mastech Digital (MHH)?

The current stock price of Mastech Digital (MHH) is $15.98 as of December 2, 2024.

What is the market cap of Mastech Digital (MHH)?

The market cap of Mastech Digital (MHH) is approximately 180.9M.

What services does Mastech Digital, Inc. offer?

Mastech Digital offers Digital Transformation IT Services, including Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services.

Where is Mastech Digital, Inc. headquartered?

Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India.

What are Mastech Digital's main business segments?

The company operates through two main segments: Data & Analytics Services and IT Staffing Services.

How did Mastech Digital perform financially in 2023?

In 2023, Mastech Digital faced revenue declines due to economic uncertainties but maintained a strong financial position with significant cash balances and no bank debt.

Who are the notable leaders at Mastech Digital?

Vivek Gupta is the President and CEO, Michael Fleishman is the CEO of the Data and Analytics Services segment, and Jack Cronin is the CFO.

What recent financial results did Mastech Digital announce?

For the fourth quarter of 2023, Mastech Digital reported revenues of $46.1 million and gross profits of $11.3 million.

How is Mastech Digital addressing economic challenges?

The company has implemented cost-reduction measures and maintains a fundamentally sound business with a strong balance sheet.

What recognition has Mastech Digital received?

The company's co-founders, Sunil and Dr. Romesh Wadhwani, were named among TIME Magazine's inaugural TIME 100 AI Leaders.

How does Mastech Digital contribute to social good?

Sunil Wadhwani co-founded the Wadhwani Institute of Artificial Intelligence to create AI solutions for underserved populations, and supports various healthcare initiatives.

What is Mastech Digital's outlook for 2024?

Mastech Digital is optimistic about market improvements and growth opportunities, focusing on expanding service offerings and operational efficiencies.

Mastech Digital, Inc.

NYSE:MHH

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MHH Stock Data

180.86M
3.35M
71.42%
17.65%
0.09%
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