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TD SYNNEX Q2 Results Top Estimates; Reaffirms FY22 Adj. EPS Outlook

TD SYNNEX (SNX) reported Tuesday that net income for the second quarter was $148.92 million or $1.55 per share, compared to $93.10 million or $1.78 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.72 per share, compared to $2.09 per share in the year-ago quarter.

Revenue for the quarter soared 160.7 percent to $15.27 billion from $5.86 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.65 per share on revenues of $15.25 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the third quarter, the company expects earnings in a range of $1.24 to $1.64 per share and adjusted earnings in a range of $2.50 to $2.90 per share on revenues between $14.5 billion and $15.5 billion.

The Street is looking for earnings of $2.66 per share on revenues of $15.40 billion for the quarter.

For fiscal 2022, the company continues to project adjusted earnings in the range of $11.15 to $11.65 per share. Earnings are now projected in the range of $5.45 to $5.95 per share, compared to the prior guidance range of $5.18 to $6.32 per share.

TD SYNNEX also announced that its Board of Directors declared a quarterly cash dividend of $0.30 per common share, payable on July 29, 2022 to stockholders of record as of the close of business on July 15, 2022.

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