ScanSource, Inc., a technology firm, has reported a decrease in net earnings for the third quarter. The earnings fell to $12.81 million or $0.50 per share, a significant drop from the previous year's third quarter, which saw earnings of $21.22 million or $0.83 per share. However, after excluding unique items, the adjusted earnings were $0.69 per share compared to $0.96 per share in the previous year.
Three analysts surveyed by Thomson Reuters had previously predicted the company's earnings for this quarter to be at $0.84 per share. It should be noted that these estimates typically do not factor in specific items.
The quarter also saw a 15.0 percent slump in net sales, falling to $752.60 million from the prior year's third quarter which saw sales of $885.52 million. The sales figures were less than the analysts' expected mark of $822.71 million.
Looking forward, ScanSource has revised its net sales projection for fiscal year 2024. The projected sales figure now stands at minimum $3.3 billion, which is a decrease from the previous forecast that was at least $3.5 billion. It is important to note, however, that market analysts are expecting the company to achieve sales of $3.60 billion for the year.
Furthermore, the company's Board of Directors has approved a new $100 million authorization for the repurchase of the company's common stock.
