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TD Synnex Issues Cautious Q4 Outlook Due To Supply Chain Crisis

TD Synnex Issues Cautious Q4 Outlook Due To Supply Chain Crisis
  • IT ecosystem distributor and solutions aggregator TD Synnex (NYSE: SNXreported a third-quarter FY21 revenue decline of 1.9% year-on-year to $5.21 billion, missing the consensus of $5.23 billion.
  • Margin: The non-GAAP operating margin expanded 43 bps to 3.23%.
  • Non-GAAP EPS of $2.14 beat the consensus of $2.07.
  • Results were consistent with expectations as ongoing industry-wide supply chain shortages led to a slight Y/Y revenue decline for legacy SYNNEX in Q3, the company said.
  • TD Synnex used $55.5 million in operating cash flow during the quarter and held $4.1 billion in cash and equivalents.
  • Outlook: TD Synnex sees Q4 revenue of $15 billion - $16 billion versus the consensus of $15.53 billion.
  • TD Synnex sees non-GAAP EPS of $2.50 - $2.80, below the consensus of $2.85.
  • Dividend: The board declared a quarterly cash dividend of $0.20 per common share payable on October 29 to stockholders of record October 15.
  • Price Action: SNX shares traded lower by 8.89% at $103.18 on the last check Tuesday.

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