Synnex Q3 Revenue Up 29% - Twice

Synnex Q3 Revenue Up 29%

Results reflect a big acquisition and a segment realignment
Author:
Publish date:
Social count:
0
Global IT distributor Synnex, parent of New Age Electronics, reported a 29.3 percent increase in fiscal third-quarter revenue to $3.6 billion.

Fremont, Calif. — Global IT distributor Synnex, parent of New Age Electronics, reported a 29.3 percent increase in fiscal third-quarter revenue to $3.6 billion.

Net income for the three months ended Aug. 31 slipped 3.5 percent to $45 million.

Excluding the impact of acquisition and integration expenses and the amortization of intangible assets, net income (non-GAAP) rose 25.1 percent, to $62.5 million, representing the company’s 109th consecutive profitable quarter.

“We are pleased to report record quarterly results in terms of both revenues and non-GAAP net income,” said president/CEO Kevin Murai. “Stronger than anticipated revenue growth in technology solutions and excellent performance in all aspects of Concentrix led to results ahead of our expectations.”

Within the technology solutions division, which houses CE and IT distributor New Age Electronics, revenue rose 19.1 percent to $3.2 billion and income before non-operating items, income taxes and non-controlling interest increased 23.1 percent to $76.9 million, reflecting the integration of certain former Concentrix support and IT service operations.

Within the Concentrix consultancy segment, revenue rose 621 percent to $333.8 million, and income before non-operating items, income taxes and non-controlling interest increased 111 percent to $1.7 million, reflecting the recent acquisition of IBM’s customer care business.

Murai projected “seasonally strong, healthy year-on-year growth in technology solutions and continued strong performance in Concentrix” in the fourth fiscal quarter.

In other Synnex news, the company will host its National Conference/Dealer Summit this week at its sales headquarters in Greenville, S.C., where customers will be able to attend informational sessions, product showcases, a panel discussion hosted by TWICE, and a closing concert by the Goo Goo Dolls.

Featured

Related Articles