TD SYNNEX Q3 Adj. EPS Tops Estimates; Guides Q4 Below Estimates
(RTTNews) - TD SYNNEX Corp. (SNX) reported Tuesday that net income for the third quarter declined to $139.3 million or $1.49 per share from $148.8 million or $1.56 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $2.78 per share, compared to $2.74 per share in the year-ago quarter.
Revenue for the quarter decreased 9.1 percent to $13.96 billion from $15.36 billion in the same quarter last year. Revenues were down 10.2 percent in constant currency.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.48 per share on revenues of $14.11 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the fourth quarter, the company expects earnings in a range of $1.25 to $1.75 per share and adjusted earnings in a range of $2.40 to $2.90 per share on revenues between $14.0 billion and $15.0 billion.
The Street is looking for earnings of $2.95 per share on revenues of $15.21 billion for the quarter.
TD SYNNEX also announced that its Board of Directors declared a quarterly cash dividend of $0.35 per common share, payable on October 27, 2023 to stockholders of record as of the close of business on October 13, 2023.
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