09:17 AM EDT, 05/09/2024 (MT Newswires) -- Converge Technology Solutions ( CTSDF ) said on Thursday that its first-quarter adjusted net income fell.

The company's adjusted earnings dropped to $22.7 million, or $0.11 per share, from $24.4 million, or $0.12 per share.

The net loss widened to $3.5 million from $3.4 million. Revenue slid to $628.8 million from $678.2 million while gross sales rose to $1.01 billion from $965.3 million.

"With our 3rd consecutive quarter of billion-dollar sales and strong cash generation, we continue to demonstrate our position as a leading IT service provider," CEO Shaun Maine said.

The board declared a quarterly dividend of $0.015 per share, payable June 6 to shareholders of record at the close of business on May 23.

For the second quarter, Converge outlined a guidance range of $175 million to $182 million for gross profit and a target range of $43-$46 million for adjusted EBITDA.

Converge's share price jumped 2.7% to $5.73 yesterday.