Insight Enterprises Q2 Profit Down, Misses Estimates; Trims FY23 Earnings View

(RTTNews) - Insight Enterprises, Inc. (NSIT) Thursday announced a decline in second-quarter earnings to 480.48 million or $2.17 per share, from $89.18 million or $2.42 per share last year. On an adjusted basis, earnings were $2.56 per share.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $2.65 per share. Analysts' estimates usually exclude special items.

Net sales declined 14 percent to $2.349 billion from $2.743 billion in the prior year. Wall Street expected $2.47 billion.

Joyce Mullen, president and chief executive officer noted that "The second quarter was more challenging than expected."

Looking ahead to the full year 2023, the company now expects adjusted earnings per share to be between $9.40 and $9.60. The earlier outlook was between $9.90 and $10.10 per share. Analysts are looking for $9.93 per share.