Resources Connection Inc (RGP)

Resources Connection Stock (RGP) dropped by 6.56% from $14.48 to $13.53 in the trading on Thursday October 5, 2023. The reason why RGP stock down is due to the Q1 FY24 results.

• Revenue of $170.2 million, marginally beating the consensus of $170.14 million.
• Same-day constant currency revenue fell 17.0%, reflecting the impact of a continued challenging macroeconomic environment.
• The gross margin of 39.4% came below 40.9% a year ago due to a higher pay/bill ratio and a decrease in leverage on cost of service as a result of lower topline revenue.
• Adjusted EPS of $0.20 missed the street view of $0.23.