Insight Enterprises, Inc. (Nasdaq: NSIT)
(the “Company”) today reported results of operations for the quarter and year ended December 31, 2011.
Fourth Quarter Highlights
For the fourth quarter of 2011 compared to the fourth quarter of 2010:
2011 Full Year Highlights
- Net sales increased 2% to $1.4 billion.
- Gross profit increased 4% to $179.0 million.
- Earnings from operations increased 13% to $42.2 million, or 3.1% of net sales.
- Net earnings increased 39% to $34.7 million.
- Diluted earnings per share increased 47% to $0.78.
For the full year 2011 compared to the full year 2010:
- Net sales increased 10% to $5.3 billion, the highest in the Company’s history.
- Gross profit increased 10% to $709.2 million.
- Earnings from operations increased 19% to a record $147.4 million, or 2.8% of net sales.
- Net earnings increased 33% to $100.2 million.
- Diluted earnings per share increased 35% to $2.18.
- Repurchased approximately 2.9 million shares of the Company’s common stock for $50.0 million (an average price of $17.26 per share).
During the fourth quarter of 2011, the Company recorded a tax benefit of $7.6 million from a reorganization of certain of its foreign operations, primarily related to the recognition of foreign tax credits. Results for the fourth quarter of 2010 included a $1.6 million tax benefit from the recapitalization of one of the Company’s foreign subsidiaries.
“Our fourth quarter results reflect a strong close to another successful year for Insight. Modest sales growth combined with higher gross margin and strong expense control led to a 13% growth in earnings from operations in the quarter. For the full year 2011, our team delivered double digit sales and earnings growth with improved operating margins, reflecting progress towards our long term financial targets,” stated Ken Lamneck, President and Chief Executive Officer. “As we head into 2012, we remain confident that consistent execution of our strategic priorities combined with operational discipline will result in increased value for our stakeholders.”