Shares of Concentrix Corp. (CNXC) were losing arpound 11.5 percent in the pre-market activity on the Nasdaq after the technology and services provider reported Tuesday sharply lower profit in its first quarter, despite growth in revenues. Further, the firm issued second-quarter outlook, and maintained forecast for fiscal 2026.
The company's Board of Directors has declared a quarterly dividend of $0.36 per share payable on May 5, to shareholders of record at the close of business on April 24. Looking ahead for the second quarter, the company expects adjusted earnings per share of $2.57 to $2.69, operating income of $128 million to $138 million and adjusted operating income of $290 million to $300 million.
Second-quarter revenue is projected to be $2.460 billion to $2.485 billion, a constant currency revenue growth of 1 percent to 2 percent.
For fiscal 2026, Concentrix continues to expect adjusted profit of $11.48 to $12.07 per share, operating income of $636 million to $686 million, and adjusted operating income of $1.24 billion to $1.29 billion.
Concentrix still anticipates revenue of $10.035 billion to $10.180 billion, a constant currency revenue growth of 1.5 percent to 3.0 percent from the previous year.
In addition, the company expects to generate approximately $630 million to $650 million of adjusted free cash flow in fiscal year 2026.
In the fourth quarter, Concentrix's net income fell 69 percent to $21.59 million from $70.26 million last year. Earnings per share dropped to $0.33 from $1.04 a year ago.
Adjusted earnings were $168.15 million or $2.61 per share for the period, compared to $2.79 per share a year earlier.
The company's revenue for the period rose 5.4 percent to $2.500 billion from $2.372 billion last year.
Revenue grew 1.9 percent year-on-year on a constant currency basis.
In pre-market activity on the Nasdaq, the shares were trading at $29.25, down 11.47 percent, after closing Monday's regular trading 4.8 percent higher, at $33.04.
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