PC Connection Inc - CNXN STOCK NEWS

PC Connection, Inc. (NASDAQ: CNXN) will release its Q1 2023 operating results on May 4, 2023, post-market. CEO Tim McGrath cited continued economic weakness affecting IT investments, leading to anticipated net sales declines of 7%-9% year-over-year. Despite a rise in software, security, and networking sales, it was insufficient to offset endpoint device sales declines. Diluted earnings per share are projected between $0.53 and $0.55. CFO Tom Baker emphasized ongoing cost reduction measures to mitigate expenses. The company remains confident in its strong balance sheet and customer loyalty, aiming for sequential growth throughout the year.

Connection (NASDAQ: CNXN) reported its Q4 and full-year 2022 financial results, revealing a decline in Q4 net sales to $732.5 million, down 8.5% year-over-year. Gross profit fell 2.1% to $124.3 million, resulting in a net income of $18.8 million, down 15.9%. For the full year, net sales increased 8% to $3.1 billion, with a gross profit rise of 13.3% to $526.2 million, leading to a net income of $89.2 million, up 27.6%. The board declared a quarterly dividend of $0.08 per share, payable on March 10, 2023. CEO Timothy McGrath highlighted a positive outlook aligned with evolving market demands despite Q4 challenges.

Connection (NASDAQ: CNXN) will announce its fourth quarter and full-year 2022 operating results on February 9, 2023, after the market closes. The results will be discussed in a conference call at 4:30 p.m. ET. Interested participants can register to receive the dial-in number and unique PIN. The company specializes in IT solutions for business, government, healthcare, and education sectors, delivering a wide range of computer systems and services from its distribution center. More information can be found on Connection's investor relations website.

Plainsight, a leader in vision AI, has formed a strategic partnership with PC Connection (NASDAQ: CNXN) to provide enhanced enterprise-grade vision AI solutions. This collaboration allows Connection to leverage Plainsight's platform, offering managed services that help organizations innovate and improve competitive advantages. Initially focused on Manufacturing and Retail sectors, the partnership aims to optimize visual data management and AI workflows. Both companies are recognized partners of Google Cloud, ensuring integrated solutions for clients.

PC Connection announces a special cash dividend of $0.34 per share, totaling approximately $8.9 million, payable on December 23, 2022. The record date is set for December 5, 2022. This decision reflects the company's strong financial position and follows a historical precedent of pre-pandemic dividends. Furthermore, a $25 million increase in the share repurchase program brings the total to $80 million, with $37.7 million remaining. The board is also considering future quarterly dividends to enhance shareholder value.

PC Connection (NASDAQ: CNXN) has appointed Mickey Bland as President of the Connection Enterprise Solutions Group. Bland brings years of experience from Insight Enterprises, where he held key leadership roles. His expertise in IT sales strategies and client relationship management is expected to enhance service delivery and drive growth within the enterprise sector. Tim McGrath, President and CEO, expressed confidence in Bland’s ability to contribute to the company’s success and increase market share.