In This Story
ePlus inc. (PLUS-3.39%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $510.965 million for the quarter, a slight increase from $509.055 million in the same quarter of the previous year. The increase was driven by higher service revenues and financing segment revenues, partially offset by lower product sales.
Gross profit for the quarter was $140.885 million, up from $133.810 million in the previous year, with gross margins increasing to 27.6% from 26.3%. This increase was attributed to a shift in product mix towards higher-margin third-party maintenance and subscription sales.
Operating expenses rose to $112.374 million from $95.763 million, primarily due to increased salaries, benefits, and general administrative expenses, partly due to the acquisition of Bailiwick in August 2024.
Operating income for the quarter decreased to $28.511 million from $38.047 million, with an operating income margin of 5.6%, down from 7.5% in the previous year.
Net earnings for the quarter were $24.133 million, down from $27.282 million in the previous year. The decrease was due to higher operating expenses, despite increased gross profit.
Net earnings per diluted share were $0.91, compared to $1.02 in the prior year. Non-GAAP net earnings per diluted share were $1.06, down from $1.18.
The financing segment reported net sales of $17.846 million, up from $14.893 million, with increased portfolio earnings and transactional gains.
The company reported cash provided by operating activities of $141.198 million for the nine months ended December 31, 2024, compared to $143.492 million in the previous year.
ePlus inc. highlighted its acquisition of Bailiwick as a significant event during the quarter, which contributed to increased professional services revenue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ePlus inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.