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Mar 31, 2023
ScanSource Q3 2023 Earnings Report
ScanSource's third quarter results surpassed expectations, driven by a diversified technology portfolio and a 5% increase in net sales.
Key Takeaways
ScanSource reported a 4.7% increase in net sales, reaching $885.5 million, and an increase in gross profit by 4.9% to $111.8 million. The company's operating income rose to $34.3 million, and adjusted EBITDA increased by 3.5% to $45.7 million. GAAP net income was $21.2 million, or $0.83 per diluted share, while non-GAAP net income was $24.3 million, or $0.96 per diluted share.
Net sales increased by 4.7% year-over-year, totaling $885.5 million.
Specialty Technology Solutions net sales increased 12.4% year-over-year, driven by growth in networking, security, and barcoding.
Gross profit increased by 4.9% year-over-year to $111.8 million, with a gross profit margin of 12.62%.
Adjusted EBITDA increased by 3.5% to $45.7 million, representing 5.16% of net sales.
ScanSource
ScanSource
ScanSource Revenue by Segment
ScanSource Revenue by Geographic Location
Revenue by Segment
Specialty Tech Solutions Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comBrazil and Intl. Revenue
CapyFin.com Forward Guidance
ScanSource raises its expectation for adjusted EBITDA for the full fiscal year ended June 30, 2023 and replaces previously provided guidance.
Positive Outlook
- Net sales growth, year-over-year at least 6.5%.
- Adjusted EBITDA (non-GAAP) at least $182 million.