Business
Connection (CNXN) Reports Third Quarter 2021 Results
THIRD QUARTER HIGHLIGHTS: Net sales: $751.4 million, up 15.1% y/y Gross profit: $120.7 million, up 11.9% y/y Net income: $20.0 million, up 18.4% y/y Diluted
About this update from Pc Connection, Inc.
[{"type":"text","content":"\nTHIRD QUARTER HIGHLIGHTS:\n\n\nNet sales: $751.4 million, up 15.1% y/y\n\n\nGross profit: $120.7 million, up 11.9% y/y\n\n\nNet income: $20.0 million, up 18.4% y/y\n\n\nDiluted EPS: $0.76, up 18.1% y/y\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 third quarter ended September 30, 2021.\n\n“We are pleased to report record Q3 revenue and gross profit in both our Enterprise and Business Solutions segments. These results demonstrate the continued execution of our business strategy to connect our customers with technology that enhances growth, elevates productivity, and empowers innovation. This strong financial performance, while affected by on-going supply chain shortages, is expected to continue into fourth quarter,” said Tim McGrath, President and CEO of Connection. McGrath continued, “Our employees have gone above and beyond to help our customers manage issues associated with both their supply constraints and their on-going efforts to work-from-anywhere.”\n\nNet sales for the quarter ended September 30, 2021 increased by 15.1% to $751.4 million, compared to $652.8 million for the prior year quarter. Net income for the quarter ended September 30, 2021 increased by 18.4% to $20.0 million, or $0.76 per diluted share, compared to net income of $16.9 million, or $0.64 per diluted share, for the prior year quarter.\n\nNet sales for the nine months ended September 30, 2021 increased by 9.3% to $2.1 billion, compared to $1.9 billion for the nine months ended September 30, 2020. Net income for the nine months ended September 30, 2021 increased by 20.4% to $47.5 million, or $1.80 per diluted share, compared to net income of $39.5 million, or $1.50 per diluted share for the nine months ended September 30, 2020.\n\nEarnings before interest, taxes, depreciation and amortization, adjusted for stock-based compensation expense and restructuring and other charges (“Adjusted EBITDA”) totaled $102.4 million for the twelve months ended September 30, 2021, compared to $99.3 million for the twelve months ended September 30, 2020. 1\n\n1 Adjusted EBITDA is a non-GAAP measure. See page 10 for the definition and reconciliation.\n\n\nQuarterly Highlights\n\n\nContinue...