ScanSource Q2 Results Miss Estimates; Trims FY24 Sales Outlook

(RTTNews) - Technology company ScanSource, Inc. (SCSC) reported Tuesday that net earnings for the second quarter increased to $32.73 million or $1.29 per share from $25.73 million or $1.01 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.85 per share, compared to $1.06 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 12.5 percent to $884.79 million from $1.01 billion in the same quarter last year. Analysts expected sales of $945.60 million for the quarter.

Looking ahead to fiscal 2024, the company now projects net sales of at least $3.5 billion, down from the prior forecast of at least $3.8 billion. The Street is looking for sales of $3.74 billion for the year.

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