Synnex beats 4Q profit forecasts
FREMONT, Calif. (AP) _ Synnex Corp. (SNX) on Tuesday reported fiscal fourth-quarter earnings of $85.3 million.
The Fremont, California-based company said it had net income of $2.13 per share. Earnings, adjusted for one-time gains and costs, came to $2.57 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.09 per share.
The high-tech contractor posted revenue of $3.89 billion in the period, which met Street forecasts.
For the year, the company reported profit of $234.9 million, or $5.88 per share. Revenue was reported as $14.06 billion.
For the current quarter ending in March, Synnex expects its per-share earnings to range from $1.61 to $1.69.
The company said it expects revenue in the range of $3.4 billion to $3.6 billion for the fiscal first quarter.
Synnex shares have increased almost 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $122.14, a rise of 50 percent in the last 12 months.
Keywords: Synnex, Earnings Report