SNX

TD SYNNEX Q1 Adj. EPS Tops Estimates; Guides Q2 In Line With Estimates

(RTTNews) - TD SYNNEX Corp. (SNX) reported Tuesday that net income for the first quarter grew to $172.1 million or $1.93 per share from $167.0 million or $1.75 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.99 per share, compared to $2.93 per share in the year-ago quarter.

Revenue for the quarter decreased 7.6 percent to $13.98 billion from $15.13 billion in the same quarter last year. Revenues were down 8.3 percent in constant currency.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.84 per share on revenues of $14.36 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects earnings in a range of $1.59 to $2.09 per share and adjusted earnings in a range of $2.50 to $3.00 per share on revenues between $13.3 billion and $14.9 billion.

The Street is looking for earnings of $2.78 per share on revenues of $14.25 billion for the quarter.

TD SYNNEX also announced that its Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on April 26, 2024 to stockholders of record as of the close of business on April 12, 2024.

Further, TD SYNNEX Board of Directors has approved a share repurchase program of up to $2 billion of its common stock, supplementing the existing program of which approximately $197 million remains.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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