Business
ePlus Reports First Quarter Fiscal Year 2024 Financial Results
EPS increased 51.2% to $1.27; Net Sales up 25.3% to $574.2 million HERNDON, Va., Aug. 7, 2023 /PRNewswire/ -- First Quarter Fiscal Year 2024 Net sales
About this update from Eplus Inc.
[{"type":"text","content":"EPS increased 51.2% to $1.27; Net Sales up 25.3% to $574.2 million\nHERNDON, Va., Aug. 7, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal Year 2024\nNet sales increased 25.3% to $574.2 million from last year's quarter; technology business net sales increased 26.0% to $565.7 million; professional services and managed services revenues increased 7.0% to $67.5 million.Technology business gross billings increased 17.6% to $842.0 million.Consolidated gross profit increased 25.3% to $142.3 million.Consolidated gross margin remained at 24.8%.Net earnings increased 51.5% to $33.8 million.Adjusted EBITDA increased 40.7% to $53.9 million.Diluted earnings per share increased 51.2% to $1.27. Non-GAAP diluted earnings per share increased 42.4% to $1.41.ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months ended June 30, 2023.\nManagement Comment\n\"In an evolving market environment for IT spending, our strong first quarter results reflect the continued successful execution of our growth strategy and our ability to provide customized solutions that deliver value quickly and effectively,\" said Mark Marron, president and CEO of ePlus. \"Consolidated net sales grew approximately 25% year-over-year, driven by gains in cloud and networking, as well as contributions from recent acquisitions. Revenue also benefited from some easing of supply chain constraints that enabled us to fulfill prior customer orders. The improvement in our sales revenue, coupled with continued operational discipline and effective cost management, fueled EPS growth of approximately 51%.\"\nMr. Marron continued, \"Our first quarter technology business sales were diverse across end markets, and we were pleased to see demand broaden and show particular strength in the mid-market segment. As our customers' needs for technology modernization, AI, cybersecurity and workplace transformation continue, ePlus remains a trusted partner due to our deep expertise, extensive strategic relationships and comprehensive portfolio of high-value solutions.\"\nFirst Quarter Fiscal 2024 Results \nFor the first quarter ended June 30, 2023, as compared to the first quarter of the prior fiscal year ended June 30, 2022:\nConsolidated net sales increased 25.3% to $574.2 million, from $458.4 millio...