Synnex beats 4Q profit forecasts

01/10/17 04:40 PM EST

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.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNX at https://www.zacks.com/ap/SNX

_____

Keywords: Synnex, Earnings Report