Business
Connection (CNXN) Reports Fourth Quarter and Record Full Year 2022 Results
MERRIMACK, N.H.--(BUSINESS WIRE)-- Connection (PC Connection, Inc.; NASDAQ: CNXN): FOURTH QUARTER SUMMARY: FULL YEAR SUMMARY: Net sales: $732.5 million, down
About this update from Pc Connection, Inc.
[{"type":"text","content":" MERRIMACK, N.H.--(BUSINESS WIRE)--\nConnection (PC Connection, Inc.; NASDAQ: CNXN):\n\n\n\n \n\n\n\n\n\nFOURTH QUARTER SUMMARY:\n\n\n \n\nFULL YEAR SUMMARY:\n\n\n\n\n\n\n \n\n\n\n\nNet sales: $732.5 million, down 8.5% y/y\n\n\nGross profit: $124.3 million, down 2.1% y/y\n\n\nNet income: $18.8 million, down 15.9% y/y\n\n\nDiluted EPS: $0.71, down 16.2% y/y\n\n\n\n \n\n\nNet sales: $3.1 billion, up 8.0% y/y\n\n\nGross profit: $526.2 million, up 13.3% y/y\n\n\nNet income: $89.2 million, up 27.6% y/y\n\n\nDiluted EPS: $3.37, up 27.2% y/y\n\n\n\n \n\n\n\n\nConnection (PC Connection, Inc.; NASDAQ: CNXN), a leading information technology solutions provider to business, government, healthcare and education markets, today announced results for the fourth quarter and year ended December 31, 2022. The company also announced that its board of directors has declared a quarterly dividend of $0.08 per share on the company’s common stock, which will be payable on March 10, 2023, to shareholders of record as of February 21, 2023.\n\n“We achieved record full-year results in 2022 despite Q4 headwinds. We are excited about the progress we made in 2022 and are confident our business strategy remains well aligned to the shifting dynamics of how our customers deploy, utilize, and consume technology,” said Timothy McGrath, President and Chief Executive Officer of Connection.\n\nNet sales for the quarter ended December 31, 2022 decreased by 8.5%, year over year. Gross profit decreased 2.1% while gross margin expanded 110 basis points to 17.0%, compared to the prior year quarter. Net income for the quarter ended December 31, 2022 decreased by 15.9% to $18.8 million, or $0.71 per diluted share, compared to net income of $22.4 million, or $0.85 per diluted share, for the prior year quarter.\n\nNet sales for the year ended December 31, 2022 increased by 8.0%, year over year. Gross profit increased 13.3% while gross margin expanded 78 basis points to 16.8%, compared to the year ended December 31, 2021. Net income for the year ended December 31, 2022 increased by 27.6% to $89.2 million, or $3.37 per diluted share, compared to net income of $69.9 million, or $2.65 per diluted share for the year ended December 31, 2021.\n\nEarnings before interest, taxes, depreciation and amortization, adjusted for stock-based compensation expense and restructuring and other c...