TD SYNNEX Corporation Q1 Profit Increases, Beats Estimates

TD SYNNEX Corporation (SNX) revealed earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings totaled $167.020 million, or $1.75 per share. This compares with $132.324 million, or $1.37 per share, in last year’s first quarter.

Excluding items, TD SYNNEX Corporation reported adjusted earnings of $279.235 million or $2.93 per share for the period.

Analysts, on average, had expected the company to earn $2.85 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 2.2% to $15.125 billion from $15.469 billion last year.

Looking ahead, TD SYNNEX projects earnings and sales for the second quarter, below analysts’ estimates.

For the next quarter, the company expects net income of $105 million – $152 million, or $1.10-$1.60 per share. Excluding items, SNX foresees earnings of $214 million – $261 million or $2.25-$2.75 per share. Ten analysts, on average, polled by Thomson Reuters project the company to report income per share of $2.82, for the period. Analysts’ estimates typically exclude special items.

For the next quarter, the firm expects sales of $14 billion – $15 billion. Analysts expect the company to register sales of $15.74 billion for the period.

SYNNEX Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $167.020 Mln. vs. $132.324 Mln. last year.
-EPS (Q1): $1.75 vs. $1.37 last year.
-Analyst Estimate: $2.85
-Revenue (Q1): $15.125 Bln vs. $15.469 Bln last year.

Next quarter EPS guidance: $2.25 – $2.75
Next quarter revenue guidance: $14 Bln – $15 Bln

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