ScanSource Shares Climb on 4Q Gains, MicroAge Acquisition

Dow Jones

Aug 20

Shares of ScanSource jumped after the company beat Wall Street estimates for its latest completed quarter and said it would acquire the solutions integrator MicroAge.

The stock rose 24% to $63.82 after the opening bell. Shares are now up 66% year-to-date.

The electronics distributor on Thursday said before the market opened that it posted a higher net profit in the fiscal fourth quarter and adjusted earnings of $1.46 a share, well ahead of analyst projections for $1.14 a share consensus estimate of analysts polled by FactSet.

The bottom line was lifted by a 17% jump in revenue to $953.1 million, topping analyst forecasts for $814.4 million.

Along with the strong results, ScanSource on Thursday unveiled an agreement to buy IT solutions integrator MicroAge for $220.5 million in cash.

The acquisition is expected to close before Sept. 30 and be accretive to adjusted earnings within its first year.

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