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Synnex: Fiscal 1Q Earnings Snapshot

FREMONT, Calif. (AP) _ Synnex Corp. (SNX) on Wednesday reported fiscal first-quarter earnings of $87.1 million.

The Fremont, California-based company said it had profit of $1.69 per share. Earnings, adjusted for one-time gains and costs, came to $2.84 per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.75 per share.

The high-tech contractor posted revenue of $5.25 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $5.27 billion.

For the current quarter ending in June, Synnex expects its per-share earnings to range from $2.62 to $2.78.

The company said it expects revenue in the range of $5.4 billion to $5.7 billion for the fiscal second quarter.

Synnex shares have risen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $90.76, a decline of 21 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNX at https://www.zacks.com/ap/SNX