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FREMONT, Calif. - TD SYNNEX Corp. (NYSE:SNX) reported better-than-expected second quarter results on Tuesday, but shares fell 2%.
The IT distributor posted adjusted earnings per share of $2.99, surpassing the analyst consensus of $2.71. Revenue grew 7.2% YoY to $14.95 billion, also beating expectations of $14.3 billion.
"Our Q2 results demonstrate the continued strength of the IT Distribution and Hyperscaler markets, meanwhile, our strategy and the execution of our team are enabling us to grow ahead of market," said CEO Patrick Zammit.
The company expects Q3 adjusted EPS of $2.75-$3.25, compared to the $2.96 consensus. Revenue guidance of $14.7-15.5 billion was also higher than the $15.016 billion analysts were modeling.
For the second quarter, non-GAAP gross billings increased 12.1% YoY to $21.6 billion. Operating margin held steady at 2.8%.
By region, Americas revenue rose 5.3% to $9.0 billion, Europe revenue grew 10.5% to $4.9 billion, and Asia-Pacific and Japan revenue increased 8.7% to $1.0 billion.
TD SYNNEX ended the quarter with $767 million in cash and cash equivalents. The company repurchased $149 million of stock and paid $37 million in dividends during Q2.
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