SYNNEX Q3 Results Top Estimates

(RTTNews) - SYNNEX Corp. (SNX) reported net income for the third quarter of $45.0 million or $1.15 per share, compared to $46.6 million or $0.19 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $62.5 million or $1.59 per share, compared to $50.0 million or $1.33 per share in the prior year quarter.

Revenue for the third quarter rose 29.3% to $3.54 billion from $2.73 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.48 per share on revenue of $3.40 billion for the third quarter. Analysts' estimates typically exclude special items.

"We are pleased to report record quarterly results in terms of both revenues and non-GAAP net income," said Kevin Murai, SYNNEX President and Chief Executive Officer. "Stronger than anticipated revenue growth in Technology Solutions and excellent performance in all aspects of Concentrix led to results ahead of our expectations."

Looking forward to the fourth quarter, the company forecasts revenue of $3.65 billion to $3.75 billion and adjusted earnings of $65.9 million to $67.9 million, or $1.66 to $1.71 per share. Analysts currently expect the company to earn $1.68 per share on revenue of $3.67 billion for the fourth quarter.

SYNNEX shares closed Monday's regular trading session at $62.19, up 74 cents or 1.20%, and gained an additional $3.82 or 6.14% in after hours trading.