ScanSource Inc. (SCSC) reported second quarter adjusted net income of $0.64 per share after the bell Thursday, compared to the consensus estimate of $0.62. Net sales decreased 4.5% to $747.7 million, compared to $782.7 million in the same quarter last year. The consensus estimate was for revenues of $743.66 million.
The company expects net sales for the third-quarter could range from $675 million to $695 million, and EPS could be in the range of $0.48 to $0.50. Analysts expect earnings of $0.62 per share on revenues of $731.77 million.
ScanSource gapped open lower Friday and has steadily declined in early trade. The stock is now down 5.21 at $28.78 on above average volume. ScanSource has dropped to a 2-month low and has fallen below both its 50 and 200-day moving averages.
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