SYNNEX Corporation (NYSE:SNX) reported better-than-expected results for its fourth quarter on Monday.
The Fremont, Calif.-based company a leading provider of distribution, systems design and integration services for the technology industry, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2020.
Technology revenue was $6.1 billion, up 13.9% from the prior fiscal year fourth quarter.
Operating income was $200 million, or 3.3% of segment revenue, compared to $167 million, or 3.1% of segment revenue, in the prior fiscal year fourth quarter. Non-GAAP operating income was $216 million, or 3.5% of segment revenue, compared to $178 million , or 3.3% of segment revenue, in the prior fiscal year fourth quarter.
In the first quarter of fiscal 2021, revenue is expected to be in the range of $4.50 billion to $4.80 billion. Net income is expected to be in the range of $70.3 million to $80.8 million and on a non-GAAP basis, net income is expected to be in the range of $81.0 million to $91.5 million.
Diluted earnings per share are expected to be in the range of $1.34 to $1.55 and on a non-GAAP basis, diluted earnings per share is expected to be in the range of $1.55 to $1.75 , based on estimated outstanding diluted weighted average shares of 51.8 million.
SNX shares tumbled $1.85, or 2.1%, to $85.84.
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