TD SYNNEX Q3 Profit Spikes, Beats Estimates

(RTTNews) - TD SYNNEX Corp. (SNX) Tuesday reported a surge in third-quarter earnings supported by a nearly three times increase in revenues, reflecting integration. SYNNEX Corp. and Tech Data Corp. had completed their merger to form TD SYNNEX last year. Earnings as well as revenue beat estimates.

The global distributor and solutions aggregator for the IT ecosystem reported quarterly earnings of $148.8 million or $1.55 per share compared to $94.7 million or $1.81 per share last year. On an adjusted basis, earnings were $2.75 per share.

On average, 8 analysts polled by Thomson Reuters were looking for $2.73 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter was up 194.9 percent to $15.36 million from $5.21 million last year. Wall Street was looking for $15.03 billion.

The company said there is significant progress in merger integration and exceeds its targets for adjusted earnings accretion and cost synergy attainment.