Boston, MA 05/07/2014 (wallstreetpr) – Insight Enterprises, Inc. (NASDAQ:NSIT) released its financial results for 1Q14. For 1Q14, Net sales rose by 3% to $1.2 billion as compared to $1.18 billion in 1Q13. Gross profit increased by 4% to $163.7 million in 1Q14 as compared to $158 million in 1Q13. The gross margin was around 13.5% of net sales, increasing 10 basis points. Earnings from operations increased to $21 million i.e. 1.7% of net sales in 1Q14, up by 46% from 1Q13. Net earnings were $11.6 million or $0.28 per diluted share at a 39.3% effective tax rate. The company produced $66 million cash from operations, as compared to $16.3 million in 1Q13. The company carried out share repurchase of nearly 1.2 million shares for $26.7 million.
Segment wise Results
In North America segment, net sales stood at $780 million for 1Q14, up by 5% from $747 million sales in 1Q13. Gross profit was $107.4 million, up by 5% from 1Q13 with gross margin rising to 13.8% for 1Q14 from 13.7% in 1Q13. Earnings from operations increased to $18.2 million, up by 48% in 1Q14 compared to $12.3 million in 1Q13.
The EMEA segment reported net sales of $387.9 million for 1Q14, same in line as 1Q13. Barring the effects of foreign currency movements, there was a decline in net sales by 5% year-over-year. Gross profit stood at $49.3 million, up by 1%, with gross margin rising to 12.7% for 1Q14 from 12.6% in 1Q13. Earnings from operations increased to $2 million, up by 66% in 1Q14 compared to $1.2 million in 1Q13.
The APAC segment net sales were $45.9 million for 1Q14, down by 4% from 1Q13. Gross profit was same at $7 million with gross margin rising to 15.3% for 1Q14 from 14.7% in 1Q13. Earnings from operations declined to $868,000, down by 10% in 1Q14 as compared to $964,000 in 1Q13.
