Scansource, Inc. (SCSC) · Nov 5, 2026 · Earnings

ScanSource earnings: sales beat, EPS sinks on margin and credit hit

Miss — Non-GAAP EPS $0.86 vs ~$1.11 consensus; revenue $962.3M vs ~$848.6M consensus

ScanSource earnings delivered a major sales beat, but weaker margins, Brazil credit losses and cash burn overshadowed the growth.

ScanSource is expanding from technology distribution toward higher-margin IT solutions, cloud, cybersecurity, data center and AI through the newly completed MicroAge acquisition. That strategy is producing much faster sales growth, but the first quarter shows the transition is currently dilutive to profitability and cash generation. The prior FY27 outlook already anticipated 6%–10% sales growth and $158 million–$165 million of adjusted EBITDA, while MicroAge’s closing and its inclusion in the outlook were already known before this filing.

The top line materially beat expectations, but the earnings result missed. Revenue reached $962.3 million, well above the published consensus of roughly $848.6 million, helped by MicroAge and strong North American hardware demand. But non-GAAP diluted EPS was $0.86 versus roughly $1.11 consensus, and adjusted EBITDA fell 18.9% year over year.

	Q1 FY27	Q1 FY26	Consensus
Net sales (First Quarter Summary)	$962.3M (+30.1%)	$739.7M	~$848.6M
Non-GAAP diluted EPS (First Quarter Summary)	$0.86 (-18.9%)	$1.06	~$1.11
Gross profit margin (First Quarter Summary)	12.2% (-238bp)	14.5%
Adjusted EBITDA (First Quarter Summary)	$31.3M (-18.9%)	$38.6M
Operating cash flow (Cash Flow statement)	$(42.3)M	$23.2M

The core problem is margin quality, not demand. Gross profit grew only 8.8% against 30.1% sales growth because the quarter carried a heavier mix of lower-margin, large hardware deals. That pushed gross margin down to 12.2% from 14.5%, while non-GAAP adjusted EBITDA margin fell to 3.25% from 5.22%. 〔0〕

A specific Brazil credit issue made the earnings miss worse. The filing says roughly $4.5 million of higher bad-debt expense, tied primarily to customer credit exposures in Brazil, reduced diluted EPS by approximately $0.16. Brazil revenue also declined 20.5% organically, making this more than a generic one-quarter cost increase.

The raised full-year EBITDA outlook is real, but mostly acquisition-driven rather than evidence of cleaner execution. FY27 adjusted EBITDA guidance moved to $175 million–$185 million from $158 million–$165 million, while the new $3.8 billion–$4.0 billion sales range incorporates MicroAge. The higher outlook advances the broader solutions strategy, but the quarter gives no evidence yet that the acquired higher-margin mix has offset current distribution-margin pressure.

Cash conversion deteriorated sharply as growth consumed working capital and the acquisition required funding. ScanSource used $42.3 million of operating cash flow and $44.1 million of free cash flow, paid $217.8 million for acquisitions, ended with $45.9 million of cash versus $88.4 million at fiscal year-end, and carried $231.9 million of revolving-credit borrowings.

Bottom line: This is a mixed earnings print: sales and the acquisition-fueled outlook are ahead, but the actual quarter missed on EPS because margins compressed and Brazil credit losses hit. The strategic expansion is progressing, yet the filing raises questions about how quickly that growth can translate into profit and cash.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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ScanSource earnings: sales beat, EPS sinks on margin and credit hit

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