Business
Connection (CNXN) Reports Second Quarter 2024 Results
Record Quarter for Net Income and Earnings per Share SECOND QUARTER SUMMARY: Net sales: $736.5 million, increase of 0.4% y/y Gross profit: $136.5 million, up
About this update from Pc Connection, Inc.
[{"type":"text","content":"\nRecord Quarter for Net Income and Earnings per Share\n\n\nSECOND QUARTER SUMMARY:\n\n\n\nNet sales: $736.5 million, increase of 0.4% y/y\n\n\n\nGross profit: $136.5 million, up 6.9% y/y\n\n\n\nGross margin: 18.5%, up 112 basis points y/y\n\n\n\nNet income: $26.2 million, increase of 32.8% y/y\n\n\n\nDiluted EPS: $0.99, compared to $0.75\n\n\n\n MERRIMACK, N.H.--(BUSINESS WIRE)--\nConnection (PC Connection, Inc.; NASDAQ: CNXN), a leading information technology solutions provider to business, government, healthcare and education markets, today announced results for the second quarter June 30, 2024. The Company also announced that its Board of Directors declared a quarterly dividend of $0.10 per share of the Company’s common stock. Payment will be made on August 30, 2024, to shareholders of record on August 13, 2024.\n\n\n“Connection achieved record net income and earnings per share of $0.99 cents for the second quarter of 2024. These results reflect the successful execution of our strategic priorities and our ability to adapt to the needs of our customers in this dynamic and rapidly evolving technology landscape,” said Timothy McGrath, President and Chief Executive Officer of Connection.\n\n\nSecond Quarter of 2024 Results:\n\n\nNet sales for the quarter ended June 30, 2024 increased by 0.4%, year over year. Gross profit increased 6.9% while gross margin expanded 112 basis points to 18.5%, compared to the prior year quarter. Net income for the quarter ended June 30, 2024 increased by 32.8% to $26.2 million, or $0.99 per diluted share, compared to net income of $19.7 million, or $0.75 per diluted share, for the prior year quarter. Adjusted Diluted Earnings per Share1 increased to $1.00 per share for the quarter ended June 30, 2024, compared to $0.80 per share for the quarter ended June 30, 2023.\n\n\nPerformance by Segment:\n\n\n\nNet sales for the Business Solutions segment increased by 6.6% to $278.2 million in the second quarter of 2024, compared to $261.0 million in the prior year quarter. Gross profit increased by 8.1% to $66.3 million in the second quarter of 2024, compared to $61.4 million in the prior year quarter. Gross margin increased by 34 basis points to 23.8% for the second quarter of 2024.\n\n\n\n\n\nNet sales for the Public Sector Solutions segment decreased by 14.0% to $159.5 million in the second quarter of 2024...