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Synnex: Fiscal 1Q Earnings Snapshot

FREMONT, Calif. (AP) _ Synnex Corp. (SNX) on Tuesday reported fiscal first-quarter earnings of $122.6 million.

On a per-share basis, the Fremont, California-based company said it had net income of $2.36. Earnings, adjusted for one-time gains and costs, came to $3.26 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.14 per share.

The high-tech contractor posted revenue of $5.26 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5.39 billion.

Synnex shares have declined 37% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $81.06, a drop of 11% 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