Synnex: Fiscal 3Q Earnings Snapshot
FREMONT, Calif. (AP) _ Synnex Corp. (SNX) on Wednesday reported fiscal third-quarter profit of $69.3 million.
On a per-share basis, the Fremont, California-based company said it had profit of $1.74. Earnings, adjusted for one-time gains and costs, came to $2.57 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.45 per share.
The high-tech contractor posted revenue of $4.91 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $4.89 billion.
For the current quarter ending in November, Synnex expects its per-share earnings to range from $2.90 to $3.10.
The company said it expects revenue in the range of $5.2 billion to $5.4 billion for the fiscal fourth quarter.
Synnex shares have dropped 38 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $84.86, a drop of 34 percent in the last 12 months.