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Mar 31, 2023
Insight Enterprises Q1 2023 Earnings Report
Insight Enterprises' first quarter results were reported and full year guidance was confirmed.
Key Takeaways
Insight Enterprises reported first quarter results that were in line with expectations, with gross profit increasing 3% year over year and gross margin expanding 250 basis points to 16.8%. Diluted earnings per share decreased 12% year to year to $1.34.
Gross profit increased 3% year over year to $391.3 million with gross margin expanding 250 basis points to 16.8%.
Earnings from operations decreased 3% year to year to $77.5 million.
Adjusted earnings from operations increased 5% year over year to $94.0 million.
Diluted earnings per share of $1.34 decreased 12% year to year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2023, the Company expects Adjusted diluted earnings per share to be between $9.90 and $10.10. We now expect to deliver gross profit growth in the mid single digit range.
Positive Outlook
- Adjusted diluted earnings per share to be between $9.90 and $10.10.
- Gross profit growth in the mid single digit range.
Challenges Ahead
- interest expense of $46 to $50 million;
- an effective tax rate of 25% to 26% for the full year;
- capital expenditures of $55 to $60 million;
- an average share count for the full year of 34.8 million shares including estimated potential dilution from the warrants relating to the Call Spread Transactions (as defined below), net of share repurchases completed in the first quarter and our planned future share repurchases under our current authorization.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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