실적분석 2026년 8월 20일

ScanSource ($SCSC) FY2026 Q4 Earnings Analysis — Revenue and Adjusted EPS Both Beat Expectations, Acquisition and Guidance Lift Shares After-Hours

Earnings Scorecard

Revenue: $953M (+17.3% YoY, vs. $802M estimate) ✅ Beat

EPS: Adjusted EPS $1.46 (vs. $1.14 estimate) ✅ Beat

Guidance: Newly issued — FY2027 revenue +6–10% YoY, adjusted EBITDA $158–165M, free cash flow of at least $85M (excludes MicroAge acquisition)

Stock reaction: After-hours +6.28% ($54.65) — as of 08-20 20:43 Korea time

The Positives

Revenue surprise: $953M vs. $802M estimate, +17.3% YoY

Adjusted EPS: $1.46, above the $1.14 consensus

MicroAge acquisition: $220.5M all-cash deal, strengthens services capabilities

North America-led hardware demand drove Specialty Technology Solutions revenue, lifting the quarter's top line meaningfully. For the full year, revenue reached $3.23B and adjusted EBITDA $151.5M, with the acquisition positioned to broaden the business into cloud, security, and data center end markets.

The Negatives

Gross margin decline: 12.6%, down 0.35 percentage points from 12.9% in the prior-year quarter

Guidance ex-acquisition: No quantified synergy or accounting impact provided

Cash vs. deal size: $88.4M in cash against a $220.5M acquisition

A higher mix of products weighed on gross margin. The FY2027 outlook is on an organic, ex-MicroAge basis, so the post-deal earnings and cash flow picture remains incomplete. With the transaction funded entirely in cash, financing arrangements and integration costs ahead of close are the key swing factors.

What Management Said

Management highlighted the Q4 revenue and EPS growth, noting that the MicroAge acquisition will accelerate growth, expand margins, and add new services capabilities. Because the FY2027 guide is on an organic basis excluding the deal, the market is separately pricing in room for an upgrade once the transaction closes.

Market Reaction and What to Watch Next

The combination of a meaningful beat on revenue and adjusted EPS, plus the announced acquisition and full-year guidance, drove after-hours trading that front-ran the growth momentum.

Confirm whether the MicroAge transaction closes on schedule within the September 2026 quarter, and track regulatory and closing conditions.

Watch for when — and by how much — management introduces guidance for adjusted EBITDA and free cash flow that includes the acquisition.

Check whether North American hardware demand and a gross margin recovery sustain into the next quarter.