Synnex beat its fourth fiscal quarter market estimates and issued first-quarter guidance above current expectations, further evidence that the channel is in the midst of rebounding from a challenging 2009.
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.
"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.
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