10:02 AM EDT, 05/07/2024 (MT Newswires) -- ScanSource ( SCSC ) reported fiscal Q3 adjusted earnings Tuesday of $0.69 per diluted share, down from $0.96 a year earlier.

Three analysts surveyed by Capital IQ expected $0.84.

Net sales for the quarter ended March 31 was $752.6 million, down from $885.5 million a year earlier.

Three analysts polled by Capital IQ expected $822.6 million.

The company lowered its fiscal 2024 net sales guidance to a minimum of $3.3 billion from its previous guidance of a minimum of $3.5 billion. Analysts polled by Capital IQ are looking for $3.52 billion.

Additionally, the company said it has authorized a new $100 million share buyback authorization.

Shares of ScanSource ( SCSC ) were up more than 4% in recent trading.

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