TD SYNNEX Expects Q1 Profit In Line With Estimates, But Revenue Shy Of It; Lifts Q4 Dividend

(RTTNews) - TD SYNNEX Corporation (SNX), an IT services provider, on Tuesday initiated first-quarter earnings guidance in line with estimates. However, it projects revenue to slip below the Street view.

In addition, the company announced a 14 percent increase to its quarterly dividend.

For the first-quarter, the IT services provider expects net income of $147 million to $192 million or $1.65 to $2.15 per share.

Excluding items, SNX projects earnings of $232 million to $277 million or $2.60 to $3.10 per share.

On average, 10 analysts polled by Thomson Reuters expect the firm to earn $2.91 per share, for the quarter. Analysts' estimates typically exclude special items.

SNX expects revenue of $14 billion to $14.7 billion, below analysts' estimate of $14.81 billion.

The Board has declared a quarterly cash dividend of $0.40 per share, which represents a 14 percent from last year. The dividend will be paid on January 26, to stockholders of record as of January 19.