Hudson Global, Inc. (NASDAQ: HSON) is engaged as a global staffing and employment outsourcing service provider. Shares of the staffing solutions company are up 20% through early trading on Friday, November 5, 2021. Over the past three months, Hudson Global has seen average daily volume of 8,850 shares. However, volume of 55,301 shares or dollar volume of $1.23 million, has already exchanged hands through early trading Friday.
Shares of Hudson Global are rallying after the company announced third quarter 2021 financial results. During the three-month period ended September 30, 2021, the staffing company reported revenue of $45 million, which represents growth of 77.1% compared to the third quarter 2020.
Net income came out to $1.5 million or $0.49 per diluted share. This compares to a net loss of $1.2 million or $0.41 per diluted share during the same period in 2020. Adjusted EBITDA was reported at $3 million, compared to an adjusted loss of $0.7 million last year. The company listed total cash and liquidity at $26.5 million, as of the end of September.
The company’s Americas business was the key driver of the third quarter growth. Revenues from the Americas region came in at $7.4 million, which represents year-over-year growth of 280%. The Asia Pacific region generated revenues of $32.3 million, which was 58% higher than a year ago. European operations generated $5.3 million in revenue or 39% growth from 2020.
Management also provided an update on its share repurchase program. The current program has been in effect since 2019 and included a total of $10 million in repurchasing capability. As of the end of the third quarter 2020, Hudson Global has reduced its share count by 15% and still has $1.7 million remaining in the buyback program.
“Our business exhibited very strong growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the third quarter of 2021 versus the prior year quarter,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “I continue to be particularly encouraged by the success and collaboration of our sales teams globally as our new business pipeline remains robust and growing. Coit Group, our 2020 acquisition, has significantly outperformed our expectations this year and we are very excited to see what Karani, our new 2021 acquisition, will be able to do as part of Hudson RPO.”
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