GREENVILLE, S.C. — ScanSource, the Greenville technology distributor, said fiscal first-quarter net sales jumped to $962.3 million, a 30.1% gain from a year earlier, while GAAP profit slipped.
Net income for the quarter ended Sept. 30 came in at $8.7 million, or 42 cents per diluted share, down from $19.9 million, or 89 cents, a year ago. Adjusted earnings were 86 cents a share.
Chair and CEO Mike Baur pointed to strong top-line demand and growth in both segments, and noted the company closed its MicroAge acquisition in September to widen solution capabilities.
Specialty Technology Solutions sales reached $917.3 million, up 28.2%, while Intelisys and Solution Services rose to $45.0 million including MicroAge. Gross profit climbed 8.8% to $116.9 million, though the margin eased to 12.2% on a heavier hardware mix.
ScanSource now expects full-year net sales between $3.8 billion and $4 billion after folding MicroAge into its outlook. Cash stood at $45.9 million and total debt at $332.4 million as of Sept. 30.
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