Business
Insight Enterprises, Inc. Reports Fourth Quarter and Record Full Year Results
CHANDLER, Ariz.--(BUSINESS WIRE)-- Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported financial results for the quarter and full year
About this update from Insight Enterprises, Inc.
[{"type":"text","content":" CHANDLER, Ariz.--(BUSINESS WIRE)--\nInsight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported financial results for the quarter and full year ended December 31, 2022. Highlights include:\n\n\nGross profit increased 9% to $420.6 million with gross margin expanding 180 basis points to a record 16.8% for the fourth quarter and up 13% for the full year\n\n\nEarnings from operations increased 22% to $114.0 million for the fourth quarter and up 25% for the full year\n\n\nAdjusted earnings from operations increased 25% to $128.3 million for the fourth quarter and up 29% for the full year\n\n\nDiluted earnings per share of $2.13 increased 26% for the fourth quarter and up 29% for the full year\n\n\nAdjusted diluted earnings per share of $2.53 increased 25% for the fourth quarter and up 28% for the full year\n\n\nIn the fourth quarter of 2022, net sales decreased 2%, year to year. Gross profit increased 9% while gross margin expanded 180 basis points to a record 16.8% compared to the fourth quarter of 2021. Earnings from operations of $114.0 million increased 22% compared to $93.4 million in the fourth quarter of 2021. Adjusted earnings from operations of $128.3 million increased 25% compared to $102.9 million in the fourth quarter of 2021. Diluted earnings per share for the quarter was $2.13, up 26%, year over year. Adjusted diluted earnings per share was $2.53, up 25%, year over year.\n\n“It is my pleasure to report that we ended 2022 with an outstanding fourth quarter that topped off record setting financial results for 2022,” stated Joyce Mullen, President and Chief Executive Officer. “These results demonstrate we are making progress towards our ambition to become the leading solutions integrator and show the resilience of our business model,” stated Mullen.\n\nFor the full year 2022, we had record results including net sales, gross profit, gross margin, earnings from operations, Adjusted earnings from operations, diluted earnings per share and Adjusted diluted earnings per share. Net sales increased 11%, year over year to $10.4 billion. Gross profit increased 13% while gross margin of 15.7% expanded 40 basis points compared to the prior year. Earnings from operations of $413.7 million increased 25% compared to $332.1 million in 2021. Adjusted earnings from operations of $466.6 million increased 29% compared to $362.5 ...