Business
Insight Enterprises, Inc. Reports Third Quarter 2020 Results
TEMPE, Ariz.--(BUSINESS WIRE)-- Insight Enterprises, Inc. (Nasdaq: NSIT) (the “Company”) today reported financial results for the quarter ended September 30,
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 September 30, 2020. Highlights include:\n\n\nGross profit increased 11% to $307.6 million\n\n\nGross margin expanded 150 basis points to 15.9%\n\n\nEarnings from operations increased 38% to $61.5 million\n\n\nAdjusted earnings from operations increased 22% to $71.8 million\n\n\nDiluted earnings per share increased 45% to $1.10\n\n\nAdjusted diluted earnings per share increased 25% to $1.38\n\n\nCash flow provided by operations in the first nine months of 2020 was $462.1 million compared to $168.6 million in the first nine months of 2019\n\n\nIn the third quarter of 2020, net sales increased 1%, year over year, while gross profit increased 11% and gross margin increased 150 basis points compared to the third quarter of 2019. The increase in gross profit and gross margin reflects our continued emphasis on growing our higher margin cloud and services business and an increase in margins on hardware. Diluted earnings per share for the quarter was $1.10, up 45%, year over year, and adjusted diluted earnings per share was $1.38, up 25%, year over year. Cash flow from operations was strong at $462.1 million.\n\n“I am pleased to report that because of our dedicated team, resilient business model and the PCM acquisition, we delivered another quarter of double digit adjusted earnings growth year over year in the third quarter,” stated Ken Lamneck, President and Chief Executive Officer. “During the third quarter, we drove double digit growth in services and cloud solutions, which pushed gross margins to a new third quarter record,” stated Lamneck.\n\nKEY HIGHLIGHTS\n\n\nThe Company continued to support clients with their changing needs in response to the COVID-19 global pandemic. The demand environment continued to be challenged but the Company focused on answering its clients’ most pressing IT needs while helping many to plan for investments needed to support their businesses as the economy recovers.\n\n\nThe Company completed the integration of the PCM business, including onboarding PCM clients to its systems. The Company has aligned its go-to-market structure in North America and EMEA and believes it is well positioned to compete as a single brand in the marketplace. The Company also began to r...