ScanSource Q3 Profit Tops Estimates

(RTTNews) - ScanSource, Inc. (SCSC) reported third-quarter GAAP net income of $21.2 million, or $0.83 per share, compared to $23.5 million, or $0.91 per share, for the prior-year quarter. Non-GAAP net income totaled $24.3 million, or $0.96 per share, down from $26.9 million, or $1.04 per share, for the prior-year quarter. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.91, for the quarter. Analysts' estimates typically exclude special items.

Net sales for the third quarter were $885.5 million, up 4.7% year-over-year. Analysts on average had estimated $881.05 million in revenue.

ScanSource increased its expectation for adjusted EBITDA for the full fiscal year ended June 30, 2023. Adjusted EBITDA is now expected to be at least $182 million, revised from prior guidance of at least $176 million.

Shares of ScanSource are up 6% in pre-market trade on Tuesday.

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