Categories Earnings, Technology

Synnex stock rises on upbeat Q4 results, guidance

Synnex Corp. (SNX) reported a 24.3% jump in earnings for the fourth quarter helped by strong demand in Technology Solutions and an outstanding performance from Concentrix. The results exceeded analysts’ expectations. The company guided first-quarter earnings and revenue above consensus estimates. Following this, the stock inched up over 3% in the after-market session.

Net income climbed 24.3% to $113.2 million while diluted EPS increased 6.6% to $2.41 due to higher weighted-average common shares outstanding. Non-GAAP earnings soared 30.8% to $3.65 per share.

Total revenue rose 5.8% to $5.62 billion. Revenue from Technology Solutions declined 2.7% year-over-year while that from Concentrix jumped 82% as a result of the Convergys acquisition on October 5.

Looking ahead into the first quarter of fiscal 2019, the company expects revenue in the range of $5.225 billion to $5.425 billion and non-GAAP earnings in the range of $2.70 to $2.80 per share. Diluted earnings are anticipated to be $1.71 to $1.81 per share.

Synnex Q3 results beat street view; stock falls on weak guidance

The company said the non-GAAP financial measures exclude the impact of acquisition-related and integration expenses, the amortization of intangibles and the related tax effects. The after-tax amortization of intangibles is expected to be $37.7 million or $0.73 per share. After-tax acquisition-related and integration expense is predicted to be $13.1 million or $0.25 per share.

The company’s board of directors declared a quarterly cash dividend of $0.375 per common share. The dividend is payable on January 31, 2019, to stockholders of record as of January 22, 2019.

Shares of Synnex ended Thursday’s regular session up 1.84% at $86.83 on the NYSE. The stock has fallen over 34% in the past year while it has risen over 9% in the past three months.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top