Why Are Concentrix Shares Trading Higher Today?

Why Are Concentrix Shares Trading Higher Today?
  • Concentrix Corp CNXC reported third-quarter revenue growth of 20.1% year-on-year to $1.40 billion, beating the consensus of $1.38 billion.
  • The non-GAAP operating margin expanded 250 bps to 13%.
  • The non-GAAP EPS of $2.49 beat the consensus of $2.24.
  • Concentrix generated $93 million in operating cash flow, $50.9 million free cash flow, and held $154.2 million in cash and equivalents.
  • Dividend and Buyback: The board declared a quarterly dividend of $0.25 per share payable on November 2 to shareholders of record on October 22. Additionally, the board approved a share buyback of up to $500 million.
  • Outlook: Concentrix sees Q4 revenue of $1.44 billion - $1.48 billion above the consensus of $1.40 billion.
  • Price Action: CNXC shares traded higher by 3.72% at $173.62 on the last check Tuesday.
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