Insight Enterprises, Inc. Reports Second Quarter 2020 Results

About this update from Insight Enterprises, Inc.

[{"type":"text","content":" TEMPE, Ariz.--(BUSINESS WIRE)--\nInsight Enterprises, Inc. (Nasdaq: NSIT) (the “Company”) today reported financial results for the quarter ended June 30, 2020. Highlights include:\n\n\n\nRecord cash flows from operating activities\n\n\nNet sales increased 7% year over year to $1.97 billion\n\n\nGross profit increased 18% year over year to $324.4 million\n\n\nEarnings from operations increased 3% to $74.2 million\n\n\nAdjusted earnings from operations increased 15% to $91.8 million\n\n\nDiluted earnings per share of $1.32 decreased 5% year to year\n\n\nAdjusted diluted earnings per share of $1.75 increased 11% year over year\n\n\n\nIn the second quarter of 2020, net sales increased 7%, year over year, primarily as a result of our acquisition of PCM, Inc. (“PCM”) on August 30, 2019. Excluding PCM, net sales in our core business would have been down due to the negative impact of the COVID-19 pandemic. Gross profit increased 18%, year over year, and gross margin increased 150 basis points compared to the second quarter of 2019. The increase in gross profit and gross margin reflects our continued emphasis on growing our higher margin cloud and services business. Diluted earnings per share was $1.32, down 5%, year to year, and adjusted diluted earnings per share was $1.75, up 11%, year over year.\n\n\n“In a challenging demand environment our operating priorities for the quarter were clear. We tightened the health and safety standards in our warehouses and mobilized most of our teammates to work from home, which allowed us to continue to support our clients’ most pressing IT needs,” stated Ken Lamneck, President and Chief Executive Officer. “We also reduced our discretionary operating expenses sequentially and delivered strong cash flow results, all while driving double digit adjusted earnings growth year over year,” stated Lamneck.\n\n\nKEY HIGHLIGHTS\n\n\n\nWe continued to support clients with their changing needs in response to the COVID-19 global pandemic. Through our four solution areas, we have accelerated the use of digital marketing platforms to bring relevant solutions to our clients through webinars, ecommerce demonstrations and market intelligence and research.\n\n\n\n\nWe maintained our focus on successfully integrating the PCM business and are nearing completion with the onboarding of almost all PCM clients to our systems...

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