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Mar 31, 2024
Insight Enterprises Q1 2024 Earnings Report
Reported record first quarter results driven by strong performance in cloud and Insight Core services and disciplined expense management.
Key Takeaways
Insight Enterprises reported a record-setting first quarter with a 2% increase in net sales year-over-year, reaching $2.4 billion. Gross profit increased by 13% to $440.9 million, and diluted earnings per share increased by 30% to $1.74. Adjusted diluted earnings per share was $2.37, a 33% increase year-over-year.
Gross profit increased 13% year over year to a record $440.9 million, with gross margin expanding 170 basis points to a first quarter record 18.5%.
Insight Core services gross profit grew 24% year over year.
Cloud gross profit grew 33% year over year.
Diluted earnings per share of $1.74 increased 30% year over year.
Insight Enterprises
Insight Enterprises
Insight Enterprises Revenue by Segment
Insight Enterprises Revenue by Geographic Location
Revenue by Segment
Products Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
For the full year 2024, the Company now expects Adjusted diluted earnings per share to be between $10.60 and $10.90. We expect to deliver gross profit growth in the mid to high teens and expect that our gross margin will be approximately 19%.
Positive Outlook
- Adjusted diluted earnings per share to be between $10.60 and $10.90.
- Gross profit growth in the mid to high teens.
- Gross margin will be approximately 19%.
- Interest expense of $52 to $54 million.
- Capital expenditures of $50 to $55 million.
Challenges Ahead
- An effective tax rate of 26% for the full year.
- Acquisition-related intangibles amortization expense of approximately $60 million
- Assumes no acquisition or integration related expenses
- Transformation or severance and restructuring expenses, net and no significant change in our debt instruments or the macroeconomic environment.
- Inability to reasonably estimate the impact of expenses to net earnings, diluted earnings per share and selling and administrative expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income