Value-added distributor ScanSource Inc. this week announced its fiscal third-quarter earnings.
The company reported net income of $14 million on $683 in revenue. That compared to net income of $14.8 million a year earlier, on $707.9 million in revenue.
Our North American business units, led by our communications unit, drove solid quarterly results,” said Mike Baur, CEO, ScanSource, Inc. However, our international operating performance was disappointing. As a result, we’ve taken actions to restructure our overall European business for profitable growth."
To that point, the company is cutting $3.1 million in costs by cutting jobs in the communications business in Europe and moving some back-office functions from Brussels to ScanSource’s Greenville, S.C., headquarters.
Meanwhile, sales declined for the Catalyst Telecom division, mostly due to the end of the company’s distribution agreement with Juniper Networks as of Sept. 30, 2012.
ScanSource said it expects its fiscal fourth-quarter revenue to range between $715 million and $735 million.