Insight Enterprises Q4 adjusted EPS $2.98 (+18% YoY); gross margin record 19.5%

For the full year 2023, net sales decreased 12%, year to year, to $9.2 billion. Gross profit increased 2% while gross margin of 18.2% expanded 250 basis points compared to the prior year. Earnings from operations of $419.8 million increased 1% compared to $413.7 million in 2022. Adjusted earnings from operations of $492.1 million increased 5% compared to $466.6 million in 2022. Diluted earnings per share for the full year 2023 was $7.55, down 1%, year to year. Adjusted diluted earnings per share was a full year record $9.69, up 6%, year over year.

In the fourth quarter of 2023, net sales were down 11%, year to year, while gross profit increased 4%. Gross margin expanded 270 basis points compared to the fourth quarter of 2022 to a record 19.5%. Earnings from operations of $131.9 million increased 16% compared to $114.0 million in the fourth quarter of 2022. Adjusted earnings from operations of $148.7 million increased 16% compared to $128.3 million in the fourth quarter of 2022. Consolidated net earnings were $90.6 million, or 4.1% of net sales, in the fourth quarter of 2023, and adjusted consolidated net earnings were $103.1 million or 4.6% of net sales. Diluted earnings per share for the quarter was $2.42, up 14%, year over year, and Adjusted diluted earnings per share was a quarterly record $2.98, up 18%, year over year.