Insight Enterprises, Inc. Reports Second Quarter 2016 Results
TEMPE, Ariz., Aug. 03, 2016 Insight Enterprises, Inc. (Nasdaq:NSIT) (the "Company") today reported results of operations for the quarter ended June 30, 2016.
In the second quarter of 2016, consolidated net sales were $1.46 billion, up 2% year over year. This improvement was primarily driven by an increase in net sales reported in the Company's North America operating segment, which generated more than $1 billion of net sales during the second quarter.
Consolidated gross profit was $209.2 million in the second quarter of 2016, up 9% year over year. This increase reflects gross margin expansion in all three of the Company's operating segments.
Consolidated earnings from operations increased 35% year over year to $58.1 million and diluted earnings per share increased to $0.96 compared to $0.67 reported in the second quarter of 2015. Adjusted diluted earnings per share was $0.97 in the second quarter of 2016 compared to $0.68 reported in the second quarter of last year.*
"In the second quarter, I am pleased to report that our global team came together exceptionally well to deliver on our financial objectives. Each of our operating segments drove high single digit or better gross profit growth year over year in constant currency while continuing to control discretionary expenses, which led to strong earnings growth for the quarter," stated Ken Lamneck, President and Chief Executive Officer. "As we enter the second half of 2016, we believe we are well positioned to continue to win in the marketplace and deliver on our commitments to our clients, teammates and shareholders," added Lamneck.
* In this press release, the Company refers to financial measures that are not prepared in accordance with United States generally accepted accounting principles ("GAAP") in discussing financial results for the three and six months ended June 30, 2016 and 2015. When referring to non-GAAP measures, the Company refers to such measures as "Adjusted." Adjusted measures exclude the gain recorded in the second quarter of 2016 on an asset held for sale and severance and restructuring expenses recorded in all periods. A tabular reconciliation of financial measures prepared in accordance with GAAP to non-GAAP financial measures is included at the end of this press release.