First quarter starts with uptick for ScanSource

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Greenville-based point-of-sale technology company ScanSource Inc. reports a first quarter net sales increase of 5% to $972.9 million over the first quarter, ending Sept. 30, of last year.

Organic sales, which exclude the impact from foreign currency translation and recent acquisitions, grew 6.5% year-over-year, according to a company statement. Operating income increased to $21.4 million, as the expense for the change in contingent consideration related to Network1 decreased. Non-GAAP operating income increased 7% to $32.7 million, driven by higher sales volumes and higher gross margins.

“We had a strong start to our fiscal year with excellent results across the board,” Mike Baur, CEO, said in a news release. “Both worldwide segments contributed to our organic sales growth of 6.5%, as we kept our strategic focus on putting our customers first and helping them grow their businesses.”

For the second quarter of fiscal year 2019, ScanSource expects net sales to range from $1.01 billion to $1.07 billion, the news release said.