Point-of-sale technology producer ScanSource Inc. reported a 5% increase in net sales for its fourth quarter that ended June 30. That increase was enough to give the company a 1% year-over-year gain in net sales.
The Greenville-based company reported quarterly sales of $917.3 million and yearly net sales of $3.56 billion.
“This progress reflects execution of our plan to grow organically and through acquisitions,” said Mike Baur, ScanSource Inc. CEO, in a news release.
The company increased its operating income from $18.9 million in Q4 2016 to $22.1 million in Q4 2017, a 17% increase. However for the year, the company noted a 9% decrease in its operating income.
During the fourth quarter, ScanSource started the $144.9 million acquisition of POS Portal, a California-based distributor of payment devices and services. That acquisition was final on July 31. The company also extended Baur’s contract through 2020 with annual pay of $875,000 and the potential for incentives.
Looking ahead, the company said it is forecasting its Q1 2018 sales to be between $940 million and $1 billion.