Synnex Q2 Profit Tops Estimate; Revenue Misses; Outlook Weak

(RTTNews) - Synnex Corp. (SNX) reported net income for the second quarter of $51.9 million or $1.30 per share, compared to $39.6 million or $1.00 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter was $61.7 million or $1.55 per share, compared to $59.5 million or $1.50 per share in the prior year quarter.

Revenue for the second quarter fell 5.8% to $3.25 billion from $3.45 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.53 per share on revenue of $3.42 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts revenue of $3.30 billion to $3.40 billion and adjusted earnings of $1.40 to $1.45 per share. Analyst currently expect the company to earn $1.67 per share on revenue of $3.53 billion for the third quarter.