12:16 PM EDT, 05/09/2024 (MT Newswires) -- Converge Technology Solutions ( CTSDF ) on Thursday said its first-quarter adjusted net income fell 7%.

The company's adjusted earnings, excluding most one-time items, dropped to $22.7 million, or $0.11 per share, from $24.4 million, or $0.12.

The net loss widened to $3.5 million from $3.4 million. Revenue slid 7.3% 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," chief executive Shaun Maine said.

The board declared a quarterly dividend of $0.015 per share, payable June 6 to shareholders of record 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 million to $46 million for adjusted EBITDA.

Converge shares were last seen down C$0.58 to C$5.15 on the Toronto Stock Exchange.

Price: 5.16, Change: -0.57, Percent Change: -9.95