ScanSource Reports 2023 Q4 and Full-Year Results: Net Income Reaches $89.8 Million
Company Achieves $3.79 Billion in Revenue for Fiscal Year 2023
ScanSource, Inc.(SCSC), a leading provider of technology solutions, has released its financial results for the fourth quarter and full fiscal year ended June 30, 2023. The company showcased solid performance, reporting a net income of $89.8 million for the year, accompanied by revenue of $3.79 billion. Let's delve into the details of ScanSource's financial performance in both the fourth quarter and the entire fiscal year.
Net Income Highlight
ScanSource Records Net Income of $18.8 Million in Q4 2023
In the fourth quarter of 2023, ScanSource reported a net income of $18.8 million. While this marked a decrease from the previous year's Q4 net income of $19.9 million, the company's performance remained robust. The net income from continuing operations per common share, basic, stood at $0.76, compared to $0.79 in the same period last year.
Revenue Overview
ScanSource Achieves Strong Revenue of $3.79 Billion in Fiscal Year 2023
ScanSource demonstrated its commitment to growth by generating impressive revenue figures for the fiscal year 2023. The company's net sales for the full year reached $3.79 billion, a notable increase compared to the previous fiscal year's revenue of $3.53 billion. This performance underscores ScanSource's ability to navigate market challenges and capitalize on growth opportunities.
Financial Performance Highlights
A Closer Look at Q4 and Full-Year Results
ScanSource's fiscal year 2023 results were marked by consistent growth and strategic financial management. Here are some key highlights from the financial statements:
Fourth Quarter
- Net sales for the fourth quarter amounted to $947.1 million, showing resilience despite a slight decline from the previous year's Q4 net sales of $962.3 million.
- Gross profit for Q4 was reported at $108.7 million, contributing to the company's overall profitability.
- Operating income stood at $27.3 million, reflecting ScanSource's operational efficiency.
Full Fiscal Year
- Gross profit for the fiscal year reached $449.2 million, compared to $426.5 million in the prior year, showcasing sustained profitability.
- Despite facing headwinds, the company's net income from continuing operations reached $88.1 million, reinforcing its financial stability.
- ScanSource's commitment to long-term growth was evident in its investment activities, as well as the reduction of debt and finance lease obligations.
ScanSource's Financial Resilience and Future Prospects
ScanSource's strong financial performance in the face of economic challenges highlights the company's resilience and strategic approach. As the company continues to invest in technology solutions and expand its market presence, its ability to generate revenue and maintain profitability remains a focal point. ScanSource's Q4 and full-year results serve as a testament to its dedication to delivering value to customers, shareholders, and the broader technology industry.
