ScanSource Q2 Adj. Profit Tops Estimates, Organic Growth In Sales At 16.4%; Raises 2023 Outlook

(RTTNews) - ScanSource, Inc. (SCSC) reported second quarter non-GAAP net income of $26.9 million, or $1.06 per share, compared to $26.4 million, or $1.02 per share, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.04, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA increased 14.7% to $48.8 million.

On a GAAP basis, net income was $25.7 million, or $1.01 per share, compared to $23.2 million, or $0.89 per share, prior-year.

Net sales were $1.0 billion, up 17.0% year-over-year, or 16.4% year-over-year for organic growth. Analysts on average had estimated $929.2 million in revenue.

Mike Baur, CEO, ScanSource, said: "This exceptional performance is a result of strong demand and operating leverage in our hardware and Intelisys businesses."

For fiscal 2023, the company now expects net sales growth of at least 6.5%, revised from prior guidance of at least 5.5%. Adjusted EBITDA is now estimated to be at least $176 million, revised from prior guidance of at least $174 million.

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