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Synnex: Fiscal 2Q Earnings Snapshot

FREMONT, Calif. (AP) _ Synnex Corp. (SNX) on Thursday reported fiscal second-quarter net income of $57 million.

The Fremont, California-based company said it had net income of $1.10 per share. Earnings, adjusted for one-time gains and costs, were $1.83 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The high-tech contractor posted revenue of $5.53 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $5.11 billion.

For the current quarter ending in September, Synnex expects its per-share earnings to range from $2 to $2.50.

The company said it expects revenue in the range of $5.5 billion to $5.9 billion for the fiscal third quarter.

Synnex shares have fallen 21% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $101.68, a climb of 10% 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