Insight Enterprises Q1 Results Down, Miss Estimates; Backs FY23 View Above Market

(RTTNews) - Technology company Insight Enterprises, Inc. (NSIT) reported Tuesday that its first-quarter net earnings dropped 12 percent to $49.97 million from last year's $56.63 million. Earnings per share were $1.34, compared to last year's $1.53.

Adjusted net earnings were $62.3 million or $1.78 per share, compared to prior year's $1.81 per share.

On average, four analysts polled by Thomson Reuters expected earnings of $1.86 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales for the first quarter were $2.32 billion, down 12 percent from last year's $2.65 billion. Analysts expected revenues of $2.55 billion for the quarter.

Looking ahead for fiscal 2023, the company continues to expect adjusted earnings per share to be between $9.90 and $10.10. The Street estimates earnings of $9.79 per share for the year.

The company now expects to deliver gross profit growth in the mid single digit range.

In pre-market activity on Nasdaq, Insight shares were losing around 2 percent to trade at $119.48.

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