Stock Alert: SYNNEX Trading Up 12% On Upbeat Results

(RTTNews) - Shares of business process services company SYNNEX Corporation (SNX) are up more than 12% Friday morning driven by upbeat second-quarter results. The company also provided third-quarter outlook, better than analysts' view.

Earnings of $1.83 per share, excluding items, was a positive surprise compared with the average estimate of analysts polled by Thomson Reuters of $2.12 loss per share.

Revenue of $5.533 billion also beat the consensus estimate at $5.13 billion.

For the third quarter, revenue is expected to be in the range of $5.5 billion to $5.9 billion. Earnings, on an adjusted basis, are expected to be $2.00 to $2.50. Analysts see earnings of $1.15 per share on revenue of $5.38 billion.

The SYNNEX board has approved a share buyback program of up to $400 million shares over a period of up to three years, effective July 1, replacing the previous three-year program.

SYNNEX stock is currently trading at $114.39. Its 52-week range is $52.06- $153.07.