ScanSource Q1 Profit Down

(RTTNews) - ScanSource, Inc. (SCSC) Thursday reported a slight drop in profit for the first quarter, despite higher revenues.

Greenville, South Carolina-based ScanSource's first-quarter profit dropped to $19.2 million or $0.67 per share from $19.4 million or $0.69 per share last year.

Analysts polled by Thomson Reuters expected the company to earn $0.61 per share for the quarter. Analysts' estimates typically exclude one-time items.

On an adjusted basis, earnings rose to $21.6 milion or $0.75 per share from $20.5 million or $0.73 per share last year.

Revenues for the quarter grew 8.2 percent to $791.7 million from $731.9 million a year ago. Analysts had a consensus revenue estimate of $753.0 million for the quarter.

"We achieved record quarterly sales and had double-digit growth in our Worldwide Barcode and Security segment for the second quarter in a row," said CEO Mike Baur. "International sales growth was especially strong, increasing 13% over the prior year."

Looking forward to the second quarter, the company expects adjusted earnings of $0.64 to $0.66 per share on revenues of $700 million to $800 million.

Analysts currently estimate earnings of $0.65 per share on revenues of $774.85 million for the second quarter.