Synnex Beats Q4 Guidance, Raises Q1 Estimates

The Fremont, Calif.-based distributor said lower costs and increased revenue from global business services helped it beat estimates.

For the fourth quarter ended Nov. 30, 2009, Synnex earned $30.3 million, or 87 cents per diluted share, on $2.20 billion. Analysts had expected earnings of 76 cents per share on sales of $2.12 billion, according to Thomson Reuters.

In the year-ago quarter, Synnex earned $26.4 million, or 80 cents per share, on $2.09 billion in revenue.

For the current quarter, Synnex expects earnings of about 83 cents to 89 cents per share on revenue between $1.88 billion and $1.98 billion. Analysts had been expecting the distributor to earn 60 cents per share on $1.87 billion in sales, according to Thomson Reuters.

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"We are proud of our strong performance for the fiscal fourth quarter and full year of 2009," said Kevin Murai, president and CEO of Synnex, in a statement.

For the 2009 fiscal year, Synnex reported net income of $92.1 million, or $2.70 per share, on $7.72 billion in sales. In the prior fiscal year, Synnex earned $83.8 million, or $2.52 per share, on $7.74 billion in revenue.

Shares of Synnex closed at $32.09 Tuesday, its highest close since Sept. 29, 2009.