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Insight Enterprises, Inc. Reports Record First Quarter Results
CHANDLER, Ariz.--(BUSINESS WIRE)-- Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported financial results for the quarter ended March 31,
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 ended March 31, 2024. Highlights include:\n\n\n\nGross profit increased 13% year over year to a record $440.9 million with gross margin expanding 170 basis points to a first quarter record 18.5%\n\n\nInsight Core services gross profit grew 24% year over year\n\n\n\nCloud gross profit grew 33% year over year\n\n\n\n\n\n\nFirst quarter record results:\n\n\nEarnings from operations increased 29% year over year to $100.0 million\n\n\n\nAdjusted earnings from operations increased 30% year over year to $121.8 million\n\n\n\nDiluted earnings per share of $1.74 increased 30% year over year\n\n\n\nAdjusted diluted earnings per share of $2.37 increased 33% year over year\n\n\n\n\n\n\nIn the first quarter of 2024, net sales increased 2%, year over year, and we achieved record gross profit of $440.9 million, an increase of 13%, year over year. Gross margin expanded 170 basis points compared to the first quarter of 2023, to a first quarter record of 18.5%. Earnings from operations of $100.0 million increased 29% compared to $77.5 million in the first quarter of 2023. Adjusted earnings from operations of $121.8 million increased 30% compared to $94.0 million in the first quarter of 2023. Consolidated net earnings were $67.0 million, or 2.8% of net sales, in the first quarter of 2024, and Adjusted consolidated net earnings were $83.4 million, or 3.5% of net sales. Diluted earnings per share for the quarter was $1.74, up 30%, year over year, and Adjusted diluted earnings per share was another first quarter record of $2.37, up 33%, year over year.\n\n\n“We are pleased to announce another record setting first quarter with very strong performance in our key strategic areas of cloud and Insight Core services, fortified by continued operating expense discipline,” stated Joyce Mullen, President and Chief Executive Officer. “We also achieved several first quarter records including gross profit, gross margin and Adjusted diluted earnings per share, demonstrating we are executing well against our strategic objective of becoming the leading solutions integrator,” Mullen stated.\n\n\nKEY HIGHLIGHTS\n\n\nResults for the Quarter:\n\n\n\nConsolidated net sales for the first quarter of 2024 of $2.4 billion increased 2%...