ScanSource (SCSC) Misses Q4 EPS by 2c, Revenues Miss

ScanSource (NASDAQ: SCSC) reported Q4 EPS of $0.19, $0.02 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $636.5 million versus the consensus estimate of $679.95 million.

Fourth Quarter Summary:

Net sales: $636.5 million, down 22% year-over-year
Gross profit: $74.1 million, down 23% year-over-year
GAAP operating loss of $(113.4) million; non-GAAP operating income of $8.2 million
Net loss from continuing operations of $(108.9) million, which includes non-cash goodwill and asset impairment charges of $120.5 million
GAAP and non-GAAP diluted EPS of $(4.29) and $0.19 per share, respectively
Classified divestitures of products distribution business outside of the United States, Canada and Brazil ("Divestitures") as assets held for sale at June 30, 2020 and reported as discontinued operations in the financial results
Generated strong operating cash flow of $74.0 million during the quarter

"While the COVID-19 pandemic had a significant impact on our quarterly financial results, I am proud of how our teams have executed and the value we deliver to our suppliers and customers," said Mike Baur, Chairman and CEO, ScanSource, Inc. "We've taken the necessary actions to strengthen our balance sheet, improve our cost structure, and continue to drive investments in our higher-margin, VAR cloud platform and agency business."

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

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