What's Going On With TD SYNNEX Stock Tuesday?

TD SYNNEX Corp (NYSE: SNX) shares are trading lower Tuesday after the company reported its second-quarter print.

The Fremont, California-based company reported:

• An adjusted EPS of $2.73, missing the street view of $2.82.
• Quarterly revenue of $13.95 billion, missing the analyst view of $14.08 billion.
• A 0.5% decrease in revenue compared to the prior fiscal second quarter. 
• Adjusted gross billings were $19.3 billion in the quarter under review, compared to $18.7 billion in the prior fiscal second quarter.
• The adjusted gross profit was $974 million, compared to $969 million in the prior fiscal second quarter.
• An adjusted gross margin of 7%, compared to 6.9% in the prior fiscal second quarter. 

TD SYNNEX returned $288 million to shareholders through share repurchases and dividends. That’s up 210% from the prior fiscal second quarter. 

The company declared a quarterly cash dividend of 40 cents per common share.

Outlook: TD SYNNEX expects third-quarter revenues of $13.3 billion—$14.9 billion , compared to the $14.51 billion estimate.

The company sees adjusted EPS of $2.55-$3.05 versus the $2.93 estimate.

On June 20, TD SYNNEX said COO Patrick Zammit will become CEO, replacing current CEO Rich Hume starting Sept. 1. Hume will retire, but remain on the TD SYNNEX board of directors.

TD Synnex stock gained over 32% in the last 12 months.

Price Action: SNX shares are trading lower by 7.04% to $120.24 premarket at the last check Tuesday.

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