TD Synnex Reports 5.2% Revenue Increase

By Bobby Samwell • Thursday, September 26 15:16 • Permanent Link

TD Synnex, a leading global distributor and solutions aggregator for the IT ecosystem, has reported its fiscal 2024 third-quarter results, with revenue coming in at $14.7 billion, representing a 5.2% increase from the prior fiscal third quarter. On a non-GAAP basis, the company reported gross billings of $20.3 billion, a 9.1% increase from the prior fiscal third quarter. Net income for the quarter was $179 million, while non-GAAP net income was reported at $245 million, both surpassing the midpoint of the company's outlook.

The company's diluted earnings per share (EPS) stood at $2.08, a 39.6% increase from the prior fiscal third quarter. On a non-GAAP basis, the diluted EPS was reported at $2.86, a 2.9% increase from the prior fiscal third quarter. Additionally, TD Synnex announced a quarterly cash dividend of $0.40 per common share, marking a 14% increase from the prior fiscal third quarter.

Regionally, the Americas segment saw revenue of $9.1 billion, up 2.4% from the prior fiscal third quarter, while Europe reported revenue of $4.6 billion, an 8.6% increase. The Asia-Pacific and Japan segment experienced a significant 17.6% increase in revenue, reaching $1.0 billion.

Looking ahead, TD Synnex provided its fiscal 2024 fourth-quarter outlook, with expected revenue in the range of $14.9 * $15.7 billion and non-GAAP gross billings estimated to be between $20.5 * $21.5 billion. The company also provided guidance for net income and non-GAAP net income, as well as diluted EPS and non-GAAP diluted EPS for the upcoming quarter.

Today the company's shares have moved 0.4% to a price of $117.8. For the full picture, make sure to review TD SYNNEX's 8-K report.

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