ScanSource Reports Strong Fourth Quarter Results

 

Record Full-Year Net Sales with 8% Sales Growth and 14% 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 fourth quarter ended June 30, 2018.

“We want to congratulate our teams worldwide on achieving these excellent results. Investments we are making in our business are positioning us to accelerate our profitable growth.”

 
           
      Quarter ended June 30,   Year ended June 30,
      2018   2017   Change   2018   2017   Change
      (in millions, except per share data)   (in millions, except per share data)
Net sales     $ 993.9     $ 917.3     8 %   $ 3,846     $ 3,568     8 %
Operating income     19.8     22.1     (11 )%   67.6     88.2     (23 )%
Non-GAAP operating income(1)     30.8     27.8     11 %   124.0     110.2     12 %
GAAP net income     10.4     19.0     (45 )%   33.2     69.2     (52 )%
Non-GAAP net income(1)     19.9     17.3     15 %   79.8     70.3     14 %
GAAP diluted EPS     $ 0.40     $ 0.74     (46 )%   $ 1.29     $ 2.71     (52 )%
Non-GAAP diluted EPS(1)     $ 0.77     $ 0.68     13 %   $ 3.11     $ 2.75     13 %
                           
(1) Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration and other non-GAAP items. A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.
 

“We delivered outstanding fourth quarter sales and gross profit growth, capping a year of progress in executing our growth initiatives," said Mike Baur, CEO, ScanSource, Inc. "We want to congratulate our teams worldwide on achieving these excellent results. Investments we are making in our business are positioning us to accelerate our profitable growth."

Quarterly Results

For the fourth quarter of fiscal year 2018, net sales increased 8% to $993.9 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 5.0%. Operating income decreased to $19.8 million largely as a result of increased expense for the change in fair value of the contingent consideration. Non-GAAP operating income increased 11% to $30.8 million, primarily from higher net sales and the addition of the POS Portal acquisition.

On a GAAP basis, net income for the quarter totaled $10.4 million, or $0.40 per diluted share, compared with  (click here to see the full release)

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