ScanSource Q1 Results Beat Street View

(RTTNews) - ScanSource, Inc. (SCSC) Tuesday reported first-quarter net income of $22.1 million or $0.86 per share, compared to net loss of $115 thousand or $0.01 per share last year.

Adjusted income for the quarter was $25.6 million or $0.99 per share, compared to $10.7 million or $0.42 per share last year.

Sales for the quarter jumped 13.2% to $857.3 million from $757.3 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.72 per share on revenues of $812.4 million for the quarter. Analysts' estimates typically exclude one-time items.

"Excellent top-line growth driven by strong demand proves our hybrid distribution strategy is winning," said Mike Baur, Chairman and CEO, ScanSource, Inc. "Our business is built for top-line growth, and we realized operational leverage from this growth in our outstanding bottom-line results."

Sales in the Specialty Technology Solutions segment increased 22.7% to $501.7 million, driven by broad-based growth across technologies. Sales in Modern Communications & Cloud increased 2.0% to $355.6 million, while the Intelisys agency business sales increased 13.7% year-over-year.

Looking forward, ScanSource continues to expect full year 2022 revenue growth of at least 5.5%. Analysts currently estimate revenue of 5.50%