Tony Trunzo

“Second quarter profitability and cash flow were strong, driven by a more stable demand environment in many of our core markets, gross margin outperformance at Products & Solutions, and good spending control across the business.”

“Fourth quarter financial results exceeded the midpoint of our outlook range for a second consecutive quarter, led by continued momentum in the products and solutions business.”

“Third quarter operating results were above the midpoint of our expectations when adjusting for restructuring costs, driven by our Products and Solutions business, which posted a 250 basis point year-over-year gross margin improvement and an $11 million reduction in operating expenses, excluding restructuring.”

“We reported consolidated second quarter revenue of $1.6 billion, a decline of 5% compared to the record levels experienced in Q2 last year. Compared with Q2 2021, revenue was up 8% and has grown at a 7% compounded annual rate since the second quarter of 2019.”

“First quarter revenue of $1.55 billion was up 3% compared to Q1 last year. Excluding $121 million from acquisitions and approximately $27 million of negative foreign currency exchange impact, revenue was down approximately 3% compared to strong Q1 2022 performance.”