Synnex Corp Up 3.93% To $109.58 After Earnings Beat

TD Synnex Corp (SNX) beat out earnings estimates for Q1 2024 this morning.

Synnex Corp's earnings came in at an EPS of $2.99 per share, 5.00% higher than estimates for an EPS of $2.84 per share. The firm's earnings are up 2% since reporting $2.93 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Consensus analyst estimates were at $14.4 billion. The Technology company missed on those expectations for its first quarter with revenue of $14 billion, a negative revenue surprise of $385 million (3%). The firm managed negative 8% growth year-over-year due to Synnex Corp reporting quarterly revenue of $15.1 billion in its year-ago quarter. Synnex Corp achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is up 3.93% to $109.58 after the report.

Despite Synnex Corp reporting a decline in revenues, earnings increased signaling a rise in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 67. Meanwhile, the average Wall Street analyst rated the stock a Buy.

TD Synnex is a global distributor and solutions aggregator for the IT ecosystem. Its edge-to-cloud portfolio is anchored in some of the technology segments including cloud, cybersecurity, big data/analytics, IoT, mobility, and everything as a service.