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PC Connection Inc., doing business as Connection, provides information technology solutions for business, government, healthcare and education markets. The company sells computer systems, software, peripherals, networking products and related accessories, and also provides design, configuration and implementation services for IT environments.
News about CNXN commonly covers quarterly operating results, gross billings, gross profit, segment activity in Business Solutions, Enterprise Solutions and Public Sector Solutions, and capital-return actions such as dividends and share repurchase authorizations. Company updates also address custom-configured IT solutions, supply-chain tools such as MarkITplace, GlobalServe international procurement services, managed security offerings and customer technology priorities including data center modernization, digital workplace transformation and AI-related infrastructure demand.
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PC Connection, Inc. (NASDAQ: CNXN) will release its Q1 2023 operating results on May 4, 2023, post-market. CEO Tim McGrath cited continued economic weakness affecting IT investments, leading to anticipated net sales declines of 7%-9% year-over-year. Despite a rise in software, security, and networking sales, it was insufficient to offset endpoint device sales declines. Diluted earnings per share are projected between $0.53 and $0.55. CFO Tom Baker emphasized ongoing cost reduction measures to mitigate expenses. The company remains confident in its strong balance sheet and customer loyalty, aiming for sequential growth throughout the year.
Connection (NASDAQ: CNXN) reported its Q4 and full-year 2022 financial results, revealing a decline in Q4 net sales to $732.5 million, down 8.5% year-over-year. Gross profit fell 2.1% to $124.3 million, resulting in a net income of $18.8 million, down 15.9%. For the full year, net sales increased 8% to $3.1 billion, with a gross profit rise of 13.3% to $526.2 million, leading to a net income of $89.2 million, up 27.6%. The board declared a quarterly dividend of $0.08 per share, payable on March 10, 2023. CEO Timothy McGrath highlighted a positive outlook aligned with evolving market demands despite Q4 challenges.
Connection (NASDAQ: CNXN) will announce its fourth quarter and full-year 2022 operating results on February 9, 2023, after the market closes. The results will be discussed in a conference call at 4:30 p.m. ET. Interested participants can register to receive the dial-in number and unique PIN. The company specializes in IT solutions for business, government, healthcare, and education sectors, delivering a wide range of computer systems and services from its distribution center. More information can be found on Connection's investor relations website.
Plainsight, a leader in vision AI, has formed a strategic partnership with PC Connection (NASDAQ: CNXN) to provide enhanced enterprise-grade vision AI solutions. This collaboration allows Connection to leverage Plainsight's platform, offering managed services that help organizations innovate and improve competitive advantages. Initially focused on Manufacturing and Retail sectors, the partnership aims to optimize visual data management and AI workflows. Both companies are recognized partners of Google Cloud, ensuring integrated solutions for clients.
PC Connection announces a special cash dividend of $0.34 per share, totaling approximately $8.9 million, payable on December 23, 2022. The record date is set for December 5, 2022. This decision reflects the company's strong financial position and follows a historical precedent of pre-pandemic dividends. Furthermore, a $25 million increase in the share repurchase program brings the total to $80 million, with $37.7 million remaining. The board is also considering future quarterly dividends to enhance shareholder value.
PC Connection (NASDAQ: CNXN) has appointed Mickey Bland as President of the Connection Enterprise Solutions Group. Bland brings years of experience from Insight Enterprises, where he held key leadership roles. His expertise in IT sales strategies and client relationship management is expected to enhance service delivery and drive growth within the enterprise sector. Tim McGrath, President and CEO, expressed confidence in Bland’s ability to contribute to the company’s success and increase market share.
Connection (NASDAQ: CNXN) announced the winners of the 2022 IT Superhero Awards at TechCrunch Disrupt on October 20, 2022, in San Francisco. Five IT professionals were recognized for their outstanding contributions, with Patrick McGee receiving the Ultimate IT Superhero Award. Each winner selected a charity to benefit from a $1,000 donation, while McGee's charity, Girls Who Code, received $2,000. The awards highlight the importance of IT professionals in supporting businesses and communities. Nominations for the 2023 awards will open in April 2023.
Connection (NASDAQ: CNXN) reported third quarter 2022 results showing a 3.2% increase in net sales to $775.7 million. Gross profit rose 13.2% to $136.6 million, expanding gross margin to a record 17.6%. Net income reached $23.2 million, up 15.8%, with diluted EPS at $0.88. Key segments showed mixed results; Business Solutions grew 12.2%, while Public Sector Solutions declined 3.7%. Strong performance in software sales drove growth, with a 41% increase year over year. SG&A expenses rose to $104.9 million, reflecting investment in personnel and marketing.
Connection (NASDAQ: CNXN) will announce its third quarter 2022 operating results on November 3, 2022, after market close. The management will hold a conference call to review the results at 4:30 p.m. ET. Interested participants can register for a dial-in number and PIN. The company, a Fortune 1000 firm, provides IT solutions to various sectors including business, government, healthcare, and education. Its distribution center in Wilmington, OH, is ISO 9001:2015 certified, ensuring high-quality service delivery.