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Insight Enterprises, Inc. Reports Second Quarter 2012 Results

Stocks in this article: NSIT

Throughout this “Segment Overview” section, the Company refers to changes in net sales, gross profit and selling and administrative expenses in EMEA and APAC excluding the effects of foreign currency movements. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the average translation rate for the current quarter.

Net of tax amounts referenced above were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded.

UPDATED GUIDANCE

For the full year 2012, the Company expects its consolidated net sales to grow between 3% and 5% and expects diluted earnings per share for the full year of 2012 of between $2.15 and $2.25.

This outlook:

  • includes an effective tax rate of 36% to 38% and a Euro to USD exchange rate for the balance of 2012 of 1.23 to 1; and
  • excludes severance and restructuring expenses incurred during the year and the non-operating gain on an acquisition recorded in the first quarter.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and live webcast today at 5:00 p.m. ET to discuss second quarter 2012 results of operations. A live webcast of the conference call (in listen-only mode) will be available on the Company’s web site at www.insight.com, and a replay of the webcast will be available on the Company’s web site for a limited time following the call. To listen to the live webcast by telephone, call 1-877-240-3141 if located in the U.S., 706-634-9277 for international callers, and enter the access code 12692176.

FINANCIAL SUMMARY TABLE (IN THOUSANDS, EXCEPT PER SHARE DATA AND PERCENTAGES) (UNAUDITED)

         

 

Three Months Ended June 30,

Six Months Ended June 30,
Insight Enterprises, Inc. 2012   2011   % change 2012   2011   % change
Net sales $ 1,529,175 $ 1,468,960 4 % $ 2,773,357 $ 2,688,856 3 %
Gross profit $ 201,286 $ 204,179 (1 %) $ 371,658 $ 366,659 1 %
Earnings from operations $ 55,308 $ 54,388 2 % $ 80,912 $ 77,243 5 %
Net earnings $ 35,250 $ 35,348 - $ 52,642 $ 48,415 9 %
Diluted EPS $ 0.79 $ 0.75 5 % $ 1.18 $ 1.03 15 %
 
North America
Net sales $ 992,970 $ 989,323 - $ 1,849,297 $ 1,836,362 1 %
Gross profit $ 130,357 $ 132,139 (1 %) $ 243,993 $ 241,599 1 %
Earnings from operations $ 39,121 $ 36,026 9 % $ 60,284 $ 52,584 15 %
 
EMEA
Net sales $ 459,714 $ 402,879 14 % $ 808,548 $ 739,856 9 %
Gross profit $ 59,249 $ 59,858 (1 %) $ 109,663 $ 107,073 2 %
Earnings from operations $ 10,834 $ 12,966 (16 %) $ 14,971 $ 18,926 (21 %)
 
APAC
Net sales $ 76,491 $ 76,758 - $ 115,512 $ 112,638 3 %
Gross profit $ 11,680 $ 12,182 (4 %) $ 18,002 $ 17,987 -
Earnings from operations $ 5,353 $ 5,396 (1 %) $ 5,657 $ 5,733 (1 %)
 
 
        North America     EMEA     APAC

Three Months Ended June 30,

Three Months Ended June 30,

Three Months Ended June 30,

Sales Mix

2012

   

2011

   

% change*

2012

   

2011

   

% change*

2012

   

2011

   

% change*

Hardware 59 % 62 % (4 %) 30 % 26 % 31 % 2 % 1 % 223 %
Software 35 % 32 % 12 % 69 % 72 % 8 % 96 % 97 % (2 %)
Services 6 % 6 % (13 %) 1 % 2 % 13 % 2 % 2 % 12 %
100 % 100 % - 100 % 100 % 14 % 100 % 100 % -
 
 

* Represents growth/decline in category net sales on a U.S. dollar basis.

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