Insight Enterprises, Inc. Reports Second Quarter 2018 Results and Increases Full Year 2018 Guidance
TEMPE, Ariz., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Insight Enterprises, Inc. (Nasdaq:NSIT) (the “Company”) today reported strong financial results for the quarter ended June 30, 2018 compared to the quarter ended June 30, 2017.
- Diluted earnings per share of $1.44 increased 30% year over year
- Cash flows provided by operations in the first half of 2018 were $351.0 million compared to cash used in operations of $99.3 million in the first half of 2017
- Adjusted diluted earnings per share of $1.45 increased 27% year over year
In the second quarter of 2018, consolidated net sales increased 9% and consolidated gross profit increased 5% year over year. These results are primarily driven by continued strong growth in the hardware category as a result of the ongoing device refresh cycle as well as a 22% increase in services sales year over year, which includes professional services as well as cloud and maintenance offerings. Earnings from operations (“EFO”)increased 7% year over year and EFO margin was 4.0%.
The Company also announced that it has acquired Cardinal Solution Group, Inc. (“Cardinal”) effective August 1, 2018. Cardinal is a digital solutions provider based in Cincinnati, Ohio with expertise in mobile applications development, IOT and cloud enabled business intelligence. Cardinal will complement the capabilities the Company has been building within the digital innovation solution area, following the acquisitions of BlueMetal and Ignia in 2015 and 2016, respectively. The Company expects the acquisition to be neutral to earnings from operations for the balance of 2018, including projected intangible amortization.
“We are pleased with our top and bottom line financial results in the second quarter and with our team’s execution in optimizing working capital in the business, which led to Adjusted free cash flow of more than $300 million in the first half of the year,” stated Ken Lamneck, President and Chief Executive Officer. “Our strategy to grow organically while consistently driving operational efficiency across the business allows us to invest for the long term, including strategic acquisitions like Cardinal that will bring scale and reach to our already strong Digital Innovations solution area,” stated Lamneck.
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