Insight Enterprises, Inc. Reports Third Quarter 2021 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 September 30, 2021. Highlights include:\n\n\nNet sales increased 26% year over year to $2.45 billion\n\n\nGross profit increased 19% year over year to $364.5 million\n\n\nEarnings from operations increased 35% to $83.2 million and was 3.4% of net sales\n\n\nAdjusted earnings from operations increased 30% to $93.5 million and was 3.8% of net sales\n\n\nDiluted earnings per share of $1.51 increased 37% year over year\n\n\nAdjusted diluted earnings per share of $1.87 increased 36% year over year\n\n\nIn the third quarter of 2021, net sales increased 26%, year over year. Gross profit increased 19% while gross margin contracted 100 basis points compared to the third quarter of 2020. Earnings from operations of $83.2 million increased 35% compared to $61.5 million in the third quarter of 2020. Adjusted earnings from operations of $93.5 million increased 30% compared to $71.8 million in the third quarter of 2020. Diluted earnings per share for the quarter were $1.51, up 37%, year over year, and adjusted diluted earnings per share were $1.87, up 36% year over year.\n\n“During the third quarter we delivered a double digit increase in adjusted earnings from operations, up 30% compared to last year’s third quarter. Significant top line growth was driven by hardware net sales, which were up 36% compared to prior year,” stated Ken Lamneck, President and Chief Executive Officer. “We exited the third quarter with elevated hardware backlog above levels at the start of the quarter. We expect about 50% of this backlog will ship in Q4 this year. We are pleased to see the pipeline for future sales continue to build to healthy levels into 2022,” stated Lamneck.\n\nKEY HIGHLIGHTS\n\n\nConsolidated net sales for the third quarter of 2021 of $2.45 billion increased 26%, year over year, when compared to the third quarter of 2020.\n\n\nNet sales in North America increased 30%, year over year, to $2.02 billion;\n\n\nNet sales in EMEA increased 12%, year over year, to $381.4 million; and\n\n\nNet sales in APAC increased 25%, year over year, to $46.2 million.\n\n\n\n\nExcluding the effects of fluctuating foreign currency exchange rates, consolidated net sales were up 25%, year over year, with growth in net sales i...

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