RTTNews | Aug 6, 2020 08:53AM EDT

08:53 Thursday, August 6, 2020 (RTTNews.com) - Insight Enterprises, Inc. (NSIT) on Thursday reported net earnings for the second quarter of $46.39 million or $1.32 per share, down from $50.00 million or $1.38 per share in the year-ago period.

However, adjusted earnings for the quarter were $1.75 per share, compared to $1.57 per share last year.

Net sales rose 7 percent to $1.97 billion from $1.84 billion in the prior-year quarter, primarily as a result of the company's acquisition of PCM, Inc. on August 30, 2019.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter on net sales of $1.98 billion. Analysts' estimates typically exclude special items.

Insight Enterprises said it observed a pronounced impact of COVID-19 on its second-quarter financial results compared to internal budgets and anticipates demand for its products and services will continue to be down in the third quarter of 2020, as clients continue to evaluate the impact of COVID-19 on their businesses, their profitability and their liquidity.

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