TD SYNNEX Corp. (SNX) announced on Thursday a significant increase in net income for the third quarter. The company posted net earnings of $178.6 million, or $2.08 per share, compared to $139.3 million, or $1.49 per share, during the same period last year.
After excluding certain items, the adjusted net income stood at $2.86 per share, slightly higher than the $2.78 per share recorded in the previous year's third quarter.
Revenue for the third quarter saw a 5.2% increase, reaching $14.68 billion, up from $13.96 billion in the same quarter of the previous year. In constant currency terms, revenues climbed 5.6%.
Analysts surveyed by Thomson Reuters had forecasted earnings of $2.80 per share on revenues of $14.11 billion for the quarter. These estimates typically do not consider special items.
For the upcoming fourth quarter, TD SYNNEX projects earnings to range between $1.90 to $2.40 per share, with adjusted earnings estimated between $2.80 and $3.30 per share. Revenue expectations are set between $14.9 billion and $15.7 billion.
Market analysts are anticipating fourth-quarter earnings of $2.68 per share on revenues of $15.15 billion.
Additionally, TD SYNNEX's Board of Directors has declared a quarterly cash dividend of $0.40 per common share. This dividend will be payable on October 25, 2024, to shareholders who are recorded as of the close of business on October 11, 2024.
