TD SYNNEX Corporation SNX shares are rising on Tuesday.
The company reported first quarter adjusted earnings per share of $2.99, beating the street view of $2.84.
The company reported quarterly revenue of $13.975 billion, missing the analyst view of $14.357 billion.
On a constant currency basis, revenue decreased by 8.3% compared to the prior fiscal first quarter.
Non-GAAP gross billings were $19.3 billion in the quarter under review, compared to $20.2 billion in the prior fiscal first quarter.
First-quarter non-GAAP gross profit was $1.006 billion, compared to $1.011 billion in the prior fiscal first quarter. Non-GAAP gross margin was 7.2%, compared to 6.7% in the prior fiscal first quarter.
The company said it returned $235 million to shareholders in the form of share repurchases and dividends, up 59% from the prior fiscal first quarter.
TD SYNNEX Board of Directors has approved a share repurchase program of up to $2 billion of its common stock, supplementing the existing program of approximately $197 million remaining.
The company declared a quarterly cash dividend of $0.40 per common share. The dividend is payable on April 26, 2024, to stockholders of record as of the close of business on April 12, 2024.
Outlook: TD SYNNEX expects second-quarter revenues of $13.3 billion- $14.9 billion versus the $14.25 billion estimate.
The company sees adjusted earnings per share of $2.50-$3.00 versus the $2.78 estimate.
According to Benzinga Pro, SNX stock has gained 20% in the past year. Investors can gain exposure to the stock via Invesco Exchange-Traded Fund Trust II Invesco S&P MidCap 400 Revenue ETF RWK
and Invesco S&P Midcap 400 Pure Value ETF RFV.
Price Action: SNX shares are trading higher by 5.04% to $110.75 on the last check Tuesday.
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