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AI brief of an SEC Form 8-K · PC Connection (CNXN)

Connection Q1 net sales fall 13.1% to $632.0 million; net income down 7.4%

Negative Impact 3 of 5 earnings Written later

Connection reported first-quarter 2024 net sales of $632.0 million, down 13.1% year over year, which management attributed to customers delaying IT capital spending. Net income fell 7.4% to $13.2 million, or $0.50 per diluted share, although gross margin rose 187 basis points to 18.7%. The board also declared a $0.10 quarterly dividend and raised the share repurchase authorization by $40.0 million to $120.0 million, of which $72.1 million is available.

Key points

  • Net sales were $632.0 million, down 13.1% from $727.5 million; Public Sector Solutions sales fell 33.4% to $93.5 million
  • Net income was $13.2 million, or $0.50 per diluted share, versus $14.2 million, or $0.54, a year earlier
  • Gross margin expanded 187 basis points to 18.7%; Adjusted EBITDA decreased 6% to $120.3 million for the last twelve months
  • Quarterly dividend of $0.10 per share is payable May 29, 2024, to shareholders of record as of May 14, 2024

The filing

CompanyPC Connection (CNXN)
Form8-K, current report
Filed with the SECMay 1, 2024, 4:05 PM ET
Accession number0001558370-24-006381

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:55 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.