ASGN Inc.(ASGN), a provider of IT and professional services, Thursday announced two transactions, and also increased its financial estimates for the second quarter.
The company said it entered into a definitive purchase agreement to sell its Oxford Global Resources business unit to an affiliate of alternative investment firm H.I.G. Capital for $525 million in cash. The deal closure is anticipated after the receipt of all HSR and anti-trust approvals.
Further, the company acquired the Infor business unit of Avaap, a modern enterprise solutions integrator, for $86 million in cash. The company expects the acquisition to strengthen its Commercial Segment's consulting solutions capabilities and offerings in the Healthcare and Consumer & Industrials sectors.
Regarding its outlook, the company said the revised guidance estimates to reflect improvement in operating performance and to present the Oxford business as Discontinued Operations.
For the second quarter, the company now expects net income to be $64.6 million to $66.4 million, higher than previous estimate of $56.5 million to $60.1 million, and last year's profit of $48.8 million.
Adjusted earnings per share is now estimated to be $1.41 to $1.45, up from previous estimate of $1.26 to $ 1.33, and compared to last year's $1.17.
On average, analysts polled by Thomson Reuters expect earnings of $1.31 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter is now projected to be $960.0 million to $970.0 million, up from previous view of $930.3 million to $950.3 million, and prior year's $831.9 million.
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