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  5. CTS: Hi team, Can you comment on the quarters of these two? [Converge Technology Solutions Corp.]
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Q: Hi team,

Can you comment on the quarters of these two?

Thanks
Asked by David on August 09, 2023
5i Research Answer:

NVEI comments are posted here. 

For the second quarter 2023, CTS reported gross sales of $957.2 million, up 31% year-over-year. Revenue of $665.8 million rose 29% over the second quarter of 2022 beating expectations of $641.3 million. Gross profit rose 32% to $175.7 million. Adjusted EBITDA of $41.5 million was up 6% year-over-year, only marginally beating expectations of $41.1 million. Margin dropped from 7.6% last year to 6.2% this quarter. Adjusted EPS declined from $0.14 in the second quarter of last year to $0.12 this quarter, in line with estimates. It was a disappointing quarter in terms of margins and the shares are down nearly 7% following the results. 

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