PCM, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Earnings Guidance for the Year 2018
For the six months, the company reported net sales of $1,089,262,000 against $1,078,842,000 a year ago. Operating profit was $19,437,000 against $10,115,000 a year ago. Income before income taxes was $14,964,000 against $6,749,000 a year ago. Net income was $10,694,000 or $0.88 per diluted share against $6,538,000 or $0.48 per diluted share a year ago. EBITDA was $26,654,000 against $17,301,000 a year ago. Adjusted EBITDA was $29,976,000 against $21,879,000 a year ago. Non-GAAP net income was $14,200,000 or $1.17 per diluted share against $8,765,000 or $0.65 per diluted share a year ago. Net cash provided by operating activities was $72,372,000 against $6,308,000 a year ago. Purchases of property and equipment were $2,358,000 against $9,056,000 a year ago.
The company revised earnings guidance for the year 2018. For the year 2018, the company increasing its 2018 guidance for non-GAAP earnings per share by $0.20 to a range of $2.20 to $2.30 per share. Gross margin guidance for the year to a new range of 15.60% to 15.85% on revised sales growth guidance of low single digits, reflecting its focus on more profitable sales. Effective tax rate of 28.5%.