ScanSource (SCSC) Tops Q1 EPS by 7c, Revenues Beat

ScanSource (NASDAQ: SCSC) reported Q1 EPS of $0.42, $0.07 better than the analyst estimate of $0.35. Revenue for the quarter came in at $757.3 million versus the consensus estimate of $728.67 million.

First Quarter Summary:

• Net sales: $757.3 million, down 10% year-over-year (down 7% year-over-year for organic growth)
• 19% quarter-over-quarter growth for net sales (up from $636.5 million for fourth quarter of fiscal year 2020)
• Gross profit: $80.8 million, down 18% year-over-year
• GAAP operating income of $1.6 million; non-GAAP operating income of $15.8 million
• Net loss from continuing operations of $(0.1) million, which includes restructuring and other charges of $8.3 million
• GAAP diluted EPS of $(0.01) per share; non-GAAP diluted EPS of $0.42 per share
• Generated strong operating cash flow of $71.2 million during the quarter

“I am incredibly proud of the ScanSource team and our strong execution in an unprecedented operating environment,” said Mike Baur, Chairman and CEO, ScanSource, Inc. “Our sales grew 19% quarter-over-quarter with broad-based growth across our technologies in North America and Brazil. ScanSource is uniquely positioned to help channel partners drive growth by providing customers with industry-leading endpoints and cloud solutions.”

For earnings history and earnings-related data on ScanSource (SCSC) click here.

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