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ScanSource Inc. (SCSC) Dropped To A 2-Month Low On Weak Q3 Forecast

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1/28/2013 7:50 AM ET

ScanSource Inc. (SCSC: Quote) 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 steadily declined during the first half hour of trade. The stock finished with a loss of 4.93 at $29.06 on the highest volume of the year. ScanSource dropped to a 2-month low and fell below both its 50 and 200-day moving averages.

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by RTT Staff Writer

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