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Mar 31, 2024
ScanSource Q3 2024 Earnings Report
Reported a decrease in net sales but delivered strong margins and robust free cash flow.
Key Takeaways
ScanSource reported a decrease in net sales for the third quarter of fiscal year 2024, with net sales totaling $752.6 million, a 15.0% decrease year-over-year. However, the company's resilient business model delivered strong margins and robust free cash flow. The company announced a new $100 million share repurchase authorization.
Net sales decreased by 15.0% year-over-year to $752.6 million.
Gross profit decreased by 15.5% year-over-year to $94.5 million, with a gross profit margin of 12.55%.
GAAP net income totaled $12.8 million, or $0.50 per diluted share, compared to $21.2 million, or $0.83 per diluted share, for the prior-year quarter.
The company generated $157.7 million of free cash flow in the third quarter.
ScanSource
ScanSource
ScanSource Revenue by Segment
ScanSource Revenue by Geographic Location
Revenue by Segment
Specialty Tech Solutions Revenue
CapyFin.comIntelisys & Advisory Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comBrazil and Intl. Revenue
CapyFin.com Forward Guidance
ScanSource updates its expectations for the full fiscal year ending June 30, 2024.
Positive Outlook
- Net sales are expected to be at least $3.3 billion.
- Adjusted EBITDA (non-GAAP) is expected to be at least $140 million.
- Free cash flow (non-GAAP) is expected to be at least $275 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income