TD Synnex Clocks 195% Revenue Growth In Q3

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  • TD Synnex Corp SNX reported third-quarter FY22 revenue growth of 195% year-over-year to $15.4 billion, beating the consensus of $15.1 billion. Revenue rose 1% Q/Q.
  • Adjusted EPS of $2.74 was in line with the consensus.
  • The adjusted operating margin contracted by 64 bps to 2.59% as costs surged 195% Y/Y.
  • The trailing fiscal four-quarters ROIC was 7.6% compared to 21% in the prior year, and the adjusted ROIC was 12% versus 21.8% for the previous year.
  • TD Synnex used $67 million in operating cash flow due to working capital investments to support growth in the business.
  • The company held cash and equivalents of $350.8 million.
  • Dividend: TD Synnex declared a quarterly dividend of $0.30/share.
  • Q4 Outlook: TD Synnex sees revenue of $15.2 billion - $16.2 billion, versus the consensus of $16.19 billion. It sees non-GAAP EPS of $2.70 - $3.10 versus the consensus of $3.04.
  • FY22 Outlook: Earlier, TD Synnex shared a non-GAAP EPS outlook of $11.15 - $11.65.
  • Price Action: SNX shares traded higher by 1.18% at $85.19 on the last check Tuesday.
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