Scansource Inc - SCSC STOCK NEWS

ScanSource (NASDAQ: SCSC) reported Q1 FY25 financial results with mixed performance. Net sales decreased 11.5% year-over-year to $775.6 million, while GAAP net income increased 10% to $16.97 million. The company achieved GAAP diluted EPS of $0.69, up 13.1% from the prior year. Notable highlights include strong free cash flow generation of $42.5 million and an 18.8% increase in recurring revenue. The company completed two strategic acquisitions: Resourcive and Advantix. Despite soft demand in the technology spending environment, ScanSource reaffirmed its FY25 guidance with projected net sales of $3.1-3.5 billion and adjusted EBITDA of $140-160 million.

ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, has announced plans to release its first quarter fiscal year 2025 results on Thursday, November 7, 2024 at approximately 8:30 a.m. ET. The results will cover the period ended September 30, 2024.

Following the release, ScanSource management will host an earnings conference call at 10:30 a.m. ET on the same day to discuss the results. Investors and interested parties can access the call via a live Internet webcast in the Investor Relations section of ScanSource's website, www.scansource.com. For those unable to attend the live call, a replay of the webcast will be available on the company's website for 60 days.

ScanSource, Inc. (NASDAQ: SCSC), a hybrid distributor connecting devices to the cloud, has released its fiscal year 2024 Corporate Citizenship Report. The report highlights the company's environmental, social, and governance (ESG) strategy and progress, aligning with the Sustainability Accounting Standards Board (SASB) framework. Key focus areas include business ethics, diversity, equity and inclusion (DE&I), data security, and employee engagement. ScanSource expanded its DE&I program, supported over 70 nonprofits, and implemented sustainability initiatives. The report also includes estimates for Scope 1 and 2 Greenhouse Gas emissions and outlines waste reduction and energy management efforts.

ScanSource, Inc. (NASDAQ: SCSC) reported financial results for Q4 and fiscal year 2024. Key highlights:

- Q4 net sales decreased 21.2% to $746.1 million
- Q4 GAAP net income fell 5.8% to $16.1 million
- FY2024 net sales decreased 13.9% to $3.26 billion
- FY2024 GAAP net income decreased 12.5% to $77.1 million
- Strong cash flow: $371.6 million operating cash flow for FY2024
- Acquired Resourcive and Advantix in August 2024
- FY2025 outlook: Net sales $3.1-$3.5 billion, Adjusted EBITDA $140-$160 million

Despite softer demand, ScanSource achieved strong margins and robust cash flow. The company is executing on its capital allocation plan through strategic acquisitions and share repurchases.

ScanSource (NASDAQ: SCSC) has launched its Integrated Solutions and Services (ISS) group, aimed at enhancing value for hardware value-added resellers (VARs). As part of this initiative, ScanSource has acquired Advantix, a managed connectivity experience provider specializing in wireless enablement solutions. This acquisition allows ScanSource hardware VARs to combine connectivity with hardware, software, and services, enabling complete hybrid solutions and increased margins.

Ansley Hoke, a 22-year ScanSource veteran, has been appointed SVP of ISS. Natasha Royer Coons and Nathan Brown will serve as Co-Presidents of Advantix, now a ScanSource company. The acquisition, completed on August 15, 2024, aims to help partners add recurring revenue to their practice and deepen relationships with end users.

ScanSource, a leading hybrid distributor, has acquired Resourcive, a technology advisor specializing in strategic IT sourcing solutions for mid-market and enterprise clients. This acquisition aims to establish a new Channel Advisory business, separate from ScanSource's Intelisys division. Resourcive, founded in 2001, serves over 300 customers across various technology sectors, including cloud, IoT, and communications. The Resourcive team will report to Mark Morgan, who has been appointed President of ScanSource Channel Advisors. The acquisition closed on August 8, 2024, and financial terms were not disclosed.

ScanSource (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, has announced plans to release its fourth quarter and fiscal year 2024 results on Tuesday, August 27, 2024 at approximately 8:30 a.m. ET. The company will host an earnings conference call on the same day at 10:30 a.m. ET to discuss the results. Investors can access the call via a live Internet webcast in the Investor Relations section of ScanSource's website. A replay of the webcast will be available on the company's website for 60 days following the call.

Intelisys, a ScanSource company and a leader in technology services, has appointed Ken Mills as its new president. Mills, who brings nearly 25 years of leadership experience from companies like Dell Technologies and Cisco, aims to drive sustainable growth for Intelisys, its partners, and suppliers. Previously CEO of Epic iO Technologies, Mills boosted revenue and shareholder value and developed partner-focused platforms. His expertise in AI, IoT, and 5G aligns with Intelisys' strategic goals. Mills will report to Mike Baur, Chair and CEO of ScanSource, and is expected to enhance the company's vision and team leadership.

ScanSource, Inc. (NASDAQ: SCSC) reported its third-quarter results with a decrease in net sales, gross profit, operating income, and net income compared to the previous year. The company highlighted strong margins and free cash flow despite lower hardware sales. Specialty Technology Solutions and Modern Communications & Cloud segments experienced a decline in net sales. However, Intelisys net sales increased. The company announced a new $100 million share purchase authorization. The updated annual financial outlook for fiscal year 2024 includes a decrease in net sales, adjusted EBITDA, and free cash flow expectations.