SYNNEX Earnings: Here’s Why Investors Don’t Like These Results
SYNNEX Corp. (NYSE:SNX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.78%.
SYNNEX Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 33.33% to $1.24 in the quarter versus EPS of $0.93 in the year-earlier quarter.
Revenue: Rose 6.09% to $2.73 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: SYNNEX Corp. reported adjusted EPS income of $1.24 per share. By that measure, the company beat the mean analyst estimate of $0.95. It beat the average revenue estimate of $2.72 billion.
Quoting Management: “I am pleased to report record sales and solid profitability for our fiscal third quarter,” stated Kevin Murai, President and Chief Executive Officer, SYNNEX Corporation. Murai continued, “Our Distribution segment posted strong sales growth and operating margin, and our GBS segment continued its trend of double-digit sales growth.”
Key Stats (on next page)…
Revenue increased 5.5% from $2.59 billion in the previous quarter. EPS increased 53.09% from $0.81 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.19 to a profit $1.18. For the current year, the average estimate is a profit of $3.83, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)