Stock Alert: SYNNEX Shares Up 6% On Upbeat Q3, Strong Q4 Outlook

(RTTNews) - Shares of SYNNEX Corp. (SNX) are currently trading at $140.37, up $8.01 or 6.05% Wednesday morning, with trading volume rising over 281K versus an average volume of 346K shares. The stock has been trading in the range of $52.06 - $153.07 for the past one year.

The company reported Q3 GAAP net income of $134.5 million or $2.60 per share compared to $123.1 million or $2.40 per share last year.

Non-GAAP net income was $172.6 million or $3.33 per share versus $169.2 million or $3.30 per share reported a year ago.

Analysts polled by Thomson Reuters expect the company to report earnings of $2.26 per share for the quarter. Analysts' estimates typically exclude certain special items.

Revenue for the quarter totaled $6.47 billion, 4.2% higher than the previous year's revenue of $6.20 billion.

Dennis Polk, SYNNEX President and CEO, said, "We remain on track with the proposed spin-off of Concentrix and believe this will result in incremental value for all of our stakeholders."

For the fourth quarter, the company projects net income to be in the range of $153.0 million - $166.0 million, or $2.95 - $3.20 per share, and non-GAAP net income of $190.5 million - $203.5 million, or $3.68 - $3.93 per share, on revenue of $6.45 billion - $6.65 billion.

Wall Street analysts estimate earnings of $3.36 per share on revenue of $6.04 billion for the quarter.