ScanSource Swings To Positive In Q1

(RTTNews) - South Carolina-based tech company, ScanSource, Inc. (SCSC) posted a profit for the first quarter, driven largely by higher sales.

The company reported a net income of $22.07 million or $0.86 earnings per share in the quarter, compared to a loss of $0.11 million or $0.01 loss per share in the same quarter last year. After adjustments, the earnings were $25.55 million or $0.99 per share, up from $10.69 million or $0.42 per share last year.

On average three analysts polled by Thomson Reuters estimated the earnings to be $0.85 per share.

The net sales were $867.31 million, 13% higher than the previous year at $757.34 million. The sales were driven by a 22.7% rise in the Specialty Technology Solution segment to $501.7 million. Analysts estimated the earnings to be $847.60 million for the quarter.

Mike Baur, Chairman and CEO, said "Our business is built for top-line growth, and we realized operational leverage from this growth in our outstanding bottom-line results."

The stock is currently trading hands at $35.50 at the aftermarket trading, up $2.69 or 8.20% since the market close at $32.81. The market opened at $32.06 in the morning.