SYNNEX Corporation (NYSE:SNX) reported upbeat results for its third quarter and issued strong Q4 guidance.
Synnex, based in Fremont, Calif., reported revenue from its Technology Solutions division of $5.3 billion, up 5.1% over the prior fiscal year third quarter. Operating income was $132 million, or 2.5% of segment revenue, compared to $139 million, or 2.8% of segment revenue, in the prior fiscal year third quarter. Non-GAAP operating income was $142 million, or 2.7% of segment revenue, compared to $150 million, or 3.0% of segment revenue, in the prior fiscal year third quarter.
From its Concentrix division, revenue was $1.2 billion , up 0.2% from the prior fiscal year third quarter. Operating income was $77 million, or 6.6% of segment revenue, compared to $70 million, or 6.0% of segment revenue in the prior fiscal year third quarter. Non-GAAP operating income was $118 million, or 10.1% of segment revenue, compared to $121 million, or 10.4% of segment revenue, in the prior fiscal year third quarter.
For the fourth-quarter, revenue is expected to be in the range of $6.45 billion to $6.65 billion. Net income is expected to be in the range of $153.0 million to $166.0 million and on a non-GAAP basis, net income is expected to be in the range of $190.5 million to $203.5 million.
Diluted earnings per share is expected to be in the range of $2.95 to $3.20 and on a non-GAAP basis, diluted earnings per share is expected to be in the range of $3.68 to $3.93 , based on estimated outstanding diluted weighted average shares of 51.5 million.
SNX shares hiked $9.12, or 6.9%, to $141.48.
