Synnex Q1 Results Miss Estimates; Guides Q2 Below Consensus

(RTTNews) - Business process services provider Synnex Corp. (SNX) reported net income for the first quarter of 46.3 million or $1.16 per share, compared to $38.4 million or $1.00 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $58.2 million or $1.46 per share, compared to $47.7 million or $1.24 per share in the prior year quarter.

Revenue for the first quarter rose 5.8% to $3.20 billion from $3.03 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.52 per share on revenue of $3.42 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $3.375 billion to $3.475 billion and adjusted net income of $60.2 million to $62.5 million, or $1.50 to $1.56 per share. Analysts currently expect the company to earn $1.59 per share on revenue of $3.57 billion for the second quarter.