Data know-how merchandise distributor TD Synnex (SNX) delivered combined fiscal third-quarter outcomes for its legacy Synnex enterprise on Tuesday. SNX inventory dropped on the information.
Synnex earned an adjusted $2.14 a share on gross sales of $5.21 billion within the quarter ended Aug. 31. Analysts anticipated it to earn $2.03 a share on gross sales of $5.32 billion, in keeping with FactSet. On a year-over-year foundation, Synnex earnings rose 14% whereas gross sales declined 2%.
“Ongoing industry-wide supply chain shortages led to a slight year-over-year revenue decline for legacy Synnex in the fiscal third quarter,” Chief Monetary Officer Marshall Witt stated in a news release.
It was the ultimate quarterly report for Synnex earlier than its merger with Tech Information to type TD Synnex. Clearwater, Fla.-based Tech Information and Fremont, Calif.-based Synnex announced the completion of their merger on Sept. 1.
SNX Inventory Slides
In morning buying and selling on the stock market today, SNX inventory fell 9%, close to 103.10. On Monday, SNX inventory rose 1.6% to 113.25.
For the present quarter, TD Synnex expects to earn an adjusted $2.65 a share on gross sales of $15.5 billion. That is primarily based on the midpoint of its steerage. Wall Avenue was modeling earnings of $2.85 a share on gross sales of $15.53 billion.
TD Synnex is a number one world distributor and options aggregator for the IT business. It has greater than 150,000 clients in over 100 international locations. TD Synnex sells services and products from over 1,500 distributors. Its choices cowl such high-growth markets as cloud computing, cybersecurity, Huge Information and analytics, Web of Issues, mobility, and the whole lot as a service.
SNX inventory ranks second out of 5 shares in IBD’s Wholesale-Electronics business group, in keeping with IBD Stock Checkup. It has an IBD Composite Rating of 82. IBD’s Composite Score combines 5 separate proprietary scores into one easy-to-use score. The very best development shares have a Composite Score of 90 or higher.
Observe Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client know-how, software program and semiconductor shares.
YOU MAY ALSO LIKE: