SYNNEX Corp. (NYSE:SNX) delivered a profit and met 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%.
SYNNEX Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 13.73% to $0.88 in the quarter versus EPS of $1.02 in the year-earlier quarter.
Revenue: Rose 0.01% to $2.46 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: SYNNEX Corp. reported adjusted EPS income of $0.88 per share. By that measure, the company missed the mean analyst estimate of $0.88. It beat the average revenue estimate of $2.44 billion.
Quoting Management: “I am pleased to report solid quarterly results even as compared to the prior year’s exceptional profits which benefitted from the hard drive shortage and considering the recent weakening of key foreign currencies such as the yen. Steady operational execution within the core Distribution Segment aligned well with our mix shift into higher margin product and service offerings, including in our Technology Solutions Division,” stated Kevin Murai, President and Chief Executive Officer. “Our GBS Segment’s strong revenue growth continues, driven by strategic investment and increasing momentum in our rapidly growing Concentrix business.”
Key Stats (on next page)…
Revenue decreased 11% from $2.77 billion in the previous quarter. EPS decreased 24.14% from $1.16 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 $0.93 to a profit $0.92. For the current year, the average estimate has moved down from a profit of $4.13 to a profit of $4.09 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)