Business
ePlus Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Fourth Quarter Fiscal Year 2023 Net sales increased 9.0% to $492.2 million from last year's quarter; technology segment net sales increased 15.2% to $483.2
About this update from Eplus Inc.
[{"type":"text","content":"Fourth Quarter Fiscal Year 2023\nNet sales increased 9.0% to $492.2 million from last year's quarter; technology segment net sales increased 15.2% to $483.2 million; service revenues increased 11.5% to $68.7 million.Technology segment gross billings increased 17.6% to $733.1 million.Consolidated gross profit increased 14.7% to $132.3 million.Consolidated gross margin was 26.9%, up 140 basis points.Net earnings increased 35.5% to $32.9 million.Adjusted EBITDA increased 22.4% to $48.7 million.Diluted earnings per share increased 35.2% to $1.23. Non-GAAP diluted earnings per share increased 34.7% to $1.36.Fiscal Year 2023\nNet sales increased 13.5% to $2,067.7 million; technology segment net sales increased 16.3% to $2,015.2 million; service revenues increased 9.9% to $264.4 million.Technology segment gross billings increased 19.8% to $3,145.9 million.Consolidated gross profit increased 12.3% to $517.5 million.Consolidated gross margin was 25.0%, compared with 25.3% last year.Net earnings increased 13.0% to $119.4 million.Adjusted EBITDA increased 12.1% to $190.6 million.Diluted earnings per share increased 14.0% to $4.48. Non-GAAP diluted earnings per share increased 14.4% to $5.02.HERNDON, Va., May 24, 2023 /PRNewswire/ -- ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months and fiscal year ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nManagement Comment\n\"Our strong fourth quarter results concluded a solid fiscal year that highlighted the success of our growth strategy and our ability to meet our customers' needs with innovative solutions despite persistent supply chain constraints,\" said Mark Marron, president and chief executive officer of ePlus. \"Fourth quarter net sales improved 9% and fiscal 2023 net sales advanced 13.5%, reflecting our strategic focus on serving higher-value and higher-growth end markets, such as cloud, security and collaboration. Over the past year, we invested significantly in our people to expand our service offerings and build on our market position. Even with these investments, we managed overall expenses efficiently and generated diluted earnings per share growth of 35% in the fourth quarter and 14% for fiscal 2023. I am pleased with our financial performance and proud of our team's consistent execution to ach...