PC Connection Inc - CNXN STOCK NEWS

Connection (NASDAQ: CNXN) reported third quarter 2022 results showing a 3.2% increase in net sales to $775.7 million. Gross profit rose 13.2% to $136.6 million, expanding gross margin to a record 17.6%. Net income reached $23.2 million, up 15.8%, with diluted EPS at $0.88. Key segments showed mixed results; Business Solutions grew 12.2%, while Public Sector Solutions declined 3.7%. Strong performance in software sales drove growth, with a 41% increase year over year. SG&A expenses rose to $104.9 million, reflecting investment in personnel and marketing.

Connection (NASDAQ: CNXN) will announce its third quarter 2022 operating results on November 3, 2022, after market close. The management will hold a conference call to review the results at 4:30 p.m. ET. Interested participants can register for a dial-in number and PIN. The company, a Fortune 1000 firm, provides IT solutions to various sectors including business, government, healthcare, and education. Its distribution center in Wilmington, OH, is ISO 9001:2015 certified, ensuring high-quality service delivery.

Connection (NASDAQ: CNXN) reported its best quarter in company history for Q2 2022, achieving record net sales of $828.5 million, a 17.7% increase year-over-year. Gross profit also reached a record at $136.9 million, up 17.7% y/y, while net income surged 46.9% to $25.4 million, with diluted EPS of $0.96. Significant growth was noted in the Business Solutions segment, with a 22.9% sales increase, and the overall six-month sales climbed 20.6% to $1.616 billion. Connection's strong performance was driven by demand for hybrid work solutions and cloud services.

PC Connection, Inc. (NASDAQ: CNXN) will announce its Q2 2022 operating results on August 4, 2022, after market close. A conference call to discuss these results will be held at 4:30 p.m. ET that day. Investors can access the call via the investor relations website. The company, known for providing IT solutions across various sectors including business and education, is headquartered in Merrimack, NH, and operates through multiple subsidiaries, catering to a wide range of clients and offering over 460,000 products.

Connection (NASDAQ: CNXN) announces the second annual IT Superhero Awards in partnership with TechCrunch, recognizing outstanding IT professionals. Nominations are open until August 31, 2022, with winners revealed at the TechCrunch Disrupt event on October 20, 2022 in San Francisco. Categories include Best Team Leader and Most Unshakeable, with prizes benefiting charities like Year Up and NPower. Each category winner receives a $1,000 donation in their name, while the Ultimate IT Superhero gets $2,000.

PC Connection, Inc. (CNXN) has been named the 2021 Growth Partner of the Year, North America, by Veeam Software in recognition of its growth and technical proficiency in providing Veeam solutions. This award highlights Connection's success in addressing customers' data management challenges, particularly amid increasing data volumes. Tim McGrath, CEO, emphasized their commitment to enhancing data protection solutions for customers. The award was presented at VeeamON 2022, indicating Connection's strong support and expertise in the industry.

Connection (NASDAQ: CNXN) reported a strong performance for Q1 2022, with net sales of $788.3 million, a 23.8% increase year-over-year. Net income soared 114.0% to $21.8 million, with diluted EPS at $0.83, also up 113.6% year-over-year. Business Solutions segment sales rose 30.1%, while Public Sector Solutions grew 5.8%. Despite a rise in SG&A expenses to $98.2 million, the percentage of sales decreased to 12.5%. Cash reserves stood at $67.4 million.

PC Connection, Inc. (NASDAQ: CNXN) will announce its Q1 2022 financial results after market close on May 5, 2022. A conference call will follow at 4:30 PM ET to discuss these results. Investors can participate by calling in or accessing the replay via the company’s investor relations website. PC Connection is known for providing tailored IT solutions to various sectors, including business and government, backed by an extensive product range and technical expertise.

Connection (NASDAQ: CNXN) reported a strong fourth quarter and full-year financial performance for 2021. Net sales for Q4 reached $800.2 million, up 18.4% year-over-year, with net income rising 37.4% to $22.4 million. For the full year, net sales increased to $2.9 billion, an 11.7% increase, with net income climbing 25.4% to $69.9 million. The Enterprise and Business Solutions segments achieved record revenues. However, the Public Sector Solutions segment saw a 4.1% decline in sales due to decreased federal government revenue.