NEW YORK (AP) ¿ Shares of ScanSource Inc. advanced Thursday after the distributor of bar-code scanners and other electronics gave a better-than-expected revenue outlook for the fiscal first quarter.
The Greenville, S.C.-based company's shares rose $1.33, or 4.5 percent, to $30.87 in midday trading. Earlier, the stock hit a 52-week high of $32.40.
ScanSource expects to post sales of $480 million to $488 million for the quarter ended Sept. 30. Analysts polled by Thomson Reuters are expecting, on average, sales of $474.1 million. The company's earlier outlook was for sales between $445 million and $465 million.
KeyBanc Capital Markets analyst Anthony Kure, who rates ScanSource "Hold," said the higher revenue outlook implies higher earnings per share for the quarter and for the full year."Despite the positive revenue revision, we still think the shares are fairly valued at this point given the stock's recent performance," the analyst wrote in a note to investors.