ScanSource Reports Third Quarter Results - Achieves12% Gross Profit Growth

GREENVILLE, S.C.--(BUSINESS WIRE)--ScanSource, Inc. (NASDAQ: SCSC), a leading global provider of technology products and solutions, today announced financial results for the third quarter ended March 31, 2018.

“Our teams did a great job this quarter achieving 5% organic sales growth, while executing our strategic plan for growth.”

 
     
    Quarter ended March 31,
    2018   2017   Change
    (in millions, except per share data)
Net sales   $ 895.6     $ 813.5     10 %
Operating income   17.9     20.0     (10 )%
Non-GAAP operating income(1)   27.8     26.2     6 %
GAAP net income   10.6     12.4     (14 )%
Non-GAAP net income(1)   17.5     16.4     7 %
GAAP diluted EPS   $ 0.42     $ 0.49     (14 )%
Non-GAAP diluted EPS(1)   $ 0.68     $ 0.65     5 %
                 
(1) Non-GAAP results exclude amortization of intangible assets related to acquisitions and change in fair value of contingent consideration. A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.
 

“ScanSource delivered another quarter of very good financial results, with 10% net sales growth for both of our segments and 12% gross profit growth,” said Mike Baur, CEO, ScanSource, Inc. “Our teams did a great job this quarter achieving 5% organic sales growth, while executing our strategic plan for growth.”

For the third quarter of fiscal year 2018, net sales increased 10% to $895.6 million, driven by sales growth in both Worldwide segments. Organic sales growth, which excludes the impact from foreign currency translation and a recent acquisition, was 5.4%. Operating income decreased to $17.9 million from increased expense for the change in fair value of contingent consideration. Non-GAAP operating income increased 6% to $27.8 million, primarily from higher sales volume, higher gross margin and the addition of the POS Portal acquisition.

On a GAAP basis, net income for the quarter totaled $10.6 million, or $0.42 per diluted share, compared with net income of $12.4 million, or $0.49 per diluted share, for the prior-year quarter. Non-GAAP net income for the third quarter of fiscal year 2018 increased to $17.5 million, or $0.68 per diluted share.

Forecast for Next Quarter

For the fourth quarter of fiscal year 2018, ScanSource expects... click for the full release

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