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ScanSource CEO Mike Baur: Planned Divestitures Will Be A ‘Swift Process’

‘We do believe this plan will happen quickly. We think that will be a swift process. We think that will be reassuring to our employees and to our suppliers and our customers,’ says Baur in an interview with CRN after the company’s fourth-quarter earnings call.

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ScanSource Earnings, Divestiture Plans

ScanSource said Tuesday that it planned to sell off $623 million in hardware assets and concentrate its hardware sales in the U.S., Canada and Brazil. The news came ahead of its fourth-quarter earnings report the same day, in which the company reported lower quarterly revenue of $960.8 million—$38.8 million lower than analysts predicted—as well as lower earnings per share of 45 cents, which missed by analyst expectations by 14 cents.

In an interview the day after the earnings report, ScanSource CEO Mike Baur told CRN to expect the planned divestitures to happen soon but he added that prior to the announcement ScanSource had not been “courting buyers.”He did, however, say that he expects the divestitures to be completed soon.

“We do believe this plan will happen quickly,” Baur said. “We think that will be a swift process. We think that will be reassuring to our employees and to our suppliers and our customers.”

It wasn’t all disappointing earnings news for the Greenville, S.C.-baseed company. For fiscal year 2019, revenue increased 1 percent to $3.9 billion. Net income for fiscal year 2019 totaled $57.6 million, or $2.24 per diluted share, compared with net income of $33.2 million, or $1.29 per diluted share, for the prior year.

 
 
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