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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.
Connection (NASDAQ: CNXN) reported its best quarter in company history for Q2 2022, achieving record net sales of $828.5 million, a 17.7% increase year-over-year. Gross profit also reached a record at $136.9 million, up 17.7% y/y, while net income surged 46.9% to $25.4 million, with diluted EPS of $0.96. Significant growth was noted in the Business Solutions segment, with a 22.9% sales increase, and the overall six-month sales climbed 20.6% to $1.616 billion. Connection's strong performance was driven by demand for hybrid work solutions and cloud services.
PC Connection, Inc. (NASDAQ: CNXN) will announce its Q2 2022 operating results on August 4, 2022, after market close. A conference call to discuss these results will be held at 4:30 p.m. ET that day. Investors can access the call via the investor relations website. The company, known for providing IT solutions across various sectors including business and education, is headquartered in Merrimack, NH, and operates through multiple subsidiaries, catering to a wide range of clients and offering over 460,000 products.
Connection (NASDAQ: CNXN) announces the second annual IT Superhero Awards in partnership with TechCrunch, recognizing outstanding IT professionals. Nominations are open until August 31, 2022, with winners revealed at the TechCrunch Disrupt event on October 20, 2022 in San Francisco. Categories include Best Team Leader and Most Unshakeable, with prizes benefiting charities like Year Up and NPower. Each category winner receives a $1,000 donation in their name, while the Ultimate IT Superhero gets $2,000.
PC Connection, Inc. (CNXN) has been named the 2021 Growth Partner of the Year, North America, by Veeam Software in recognition of its growth and technical proficiency in providing Veeam solutions. This award highlights Connection's success in addressing customers' data management challenges, particularly amid increasing data volumes. Tim McGrath, CEO, emphasized their commitment to enhancing data protection solutions for customers. The award was presented at VeeamON 2022, indicating Connection's strong support and expertise in the industry.
Connection (NASDAQ: CNXN) reported a strong performance for Q1 2022, with net sales of $788.3 million, a 23.8% increase year-over-year. Net income soared 114.0% to $21.8 million, with diluted EPS at $0.83, also up 113.6% year-over-year. Business Solutions segment sales rose 30.1%, while Public Sector Solutions grew 5.8%. Despite a rise in SG&A expenses to $98.2 million, the percentage of sales decreased to 12.5%. Cash reserves stood at $67.4 million.
PC Connection, Inc. (NASDAQ: CNXN) will announce its Q1 2022 financial results after market close on May 5, 2022. A conference call will follow at 4:30 PM ET to discuss these results. Investors can participate by calling in or accessing the replay via the company’s investor relations website. PC Connection is known for providing tailored IT solutions to various sectors, including business and government, backed by an extensive product range and technical expertise.
Connection (NASDAQ: CNXN) reported a strong fourth quarter and full-year financial performance for 2021. Net sales for Q4 reached $800.2 million, up 18.4% year-over-year, with net income rising 37.4% to $22.4 million. For the full year, net sales increased to $2.9 billion, an 11.7% increase, with net income climbing 25.4% to $69.9 million. The Enterprise and Business Solutions segments achieved record revenues. However, the Public Sector Solutions segment saw a 4.1% decline in sales due to decreased federal government revenue.
Connection (NASDAQ: CNXN) is set to announce its fourth quarter and full-year 2021 operating results on February 7, 2022, after market close. The management will discuss these results during a conference call at 4:30 p.m. ET. Investors can access the call via phone or through a live webcast available on the company’s investor relations website. Connection specializes in providing IT solutions to various sectors, including business, government, and healthcare, and is renowned for its fast delivery of custom-configured computer systems from its distribution center in Wilmington, OH.
TRUCE Software announced a strategic expansion of its distribution network by partnering with TD SYNNEX and 3Eye Technologies. This move aims to enhance accessibility to their Contextual Mobility Management (CMM) solutions for enterprise buyers. As demand for digital transformation grows, TRUCE's products are increasingly integrated into comprehensive Enterprise Mobility Management offerings. The partnerships follow recent agreements with Connection and Insight, emphasizing TRUCE's commitment to optimizing employee experiences in mobile technology.
Connection (NASDAQ: CNXN) announced a special cash dividend of $1.00 per share, payable on December 3, 2021, to shareholders on record by November 18, 2021. This dividend totals approximately $26.2 million. Timothy McGrath, CEO, highlighted the company's strong balance sheet, which supports dividend payments and business growth. Future dividends will depend on the company's financial health and strategic plans.