TD SYNNEX Q2 Earnings, Q3 Outlook Shy Of Estimates; Stock Down

(RTTNews) - Shares of TD SYNNEX Corporation (SNX) are trading down in the early morning trading on Tuesday after the company posted a decline in its second-quarter earnings and revenue, below estimates. The company's third-quarter outlook also came in below the Street view.

SNX is trading down by 7.98 percent at $89.90 per share on the New York Stock Exchange.

For the second-quarter, the IT company reported profit of $133.1 million or $1.41 per share, lesser than $148.9 million or $1.55 per share a year ago.

Excluding items, profit stood at $229 million or $2.43 per share, compared with last year's $262.3 million or $2.72 per share. On average, 11 analysts, polled by Thomson Reuters had expected the company to earn $2.55 per share. Analysts' estimates typically exclude special items.

Revenue dropped to $14.062 billion from $15.269 billion of previous year period, below the analysts' estimate of $14.42 billion.

For the third-quarter, SNX expects to report net income of $111 million or $1.19 per share to $158 million or $1.69 per share.

On adjusted basis, the IT firm projects to record earnings of $206 million or $2.20 per share to $253 million or $2.70 per share. Analysts, on average, expect the company to register adjusted income per share of $2.76.

Revenue is expected to be in the range of $13.5 billion - $14.5 billion, below the analysts' estimate of $14.96 billion.

TD SYNNEX will pay a quarterly cash dividend of $0.35 per share, payable on July 28, to stockholders of record on July 14.