BusinessSaturday, November 7
ScanSource's quarterly sales jump 30.1% while profit slips
The 5AM Greer team
If you follow Greenville's tech scene, ScanSource just reported a big quarter. The distributor said fiscal first-quarter net sales jumped to $962.3 million, a 30.1% gain from a year earlier. Net income for the quarter ended Sept. 30 was $8.7 million, or 42 cents a diluted share.
ScanSource's quarterly profit fell even as sales climbed
| Q1 last year | Measure | Q1 this year |
|---|---|---|
| $19.9M | Net income | $8.7M |
| $0.89 | Diluted EPS | $0.42 |
Source: Here Greer
Chair and CEO Mike Baur pointed to strong demand and growth in both segments. He also noted the company closed its MicroAge acquisition in September. Specialty Technology Solutions sales rose 28.2%.
- Gross profit: $116.9 million, up 8.8%
- Gross margin: 12.2%, eased on a heavier hardware mix
- Adjusted earnings: 86 cents a share
- Full-year net sales outlook: $3.8 billion to $4 billion
- Cash: $45.9 million; total debt: $332.4 million
Also in Greenville business, a roundup of what's opening in Greenville lists a record store, a paper goods store and a putting course.
Sources: Here Greer, Greenville Online