Technology company ScanSource, Inc. (SCSC) reported Tuesday that net earnings for the third quarter decreased to $12.81 million or $0.50 per share from $21.22 million or $0.83 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.69 per share, compared to $0.96 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 15.0 percent to $752.60 million from $885.52 million in the same quarter last year. Analysts expected sales of $822.71 million for the quarter.
Looking ahead to fiscal 2024, the company now projects net sales of at least $3.3 billion, down from the prior forecast of at least $3.5 billion. The Street is looking for sales of $3.60 billion for the year.
ScanSource also announced a new $100 million authorization by its Board of Directors to purchase shares of the Company's common stock.
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