TD SYNNEX (SNX) reported Tuesday that net income for the fourth quarter surged to $221.1 million or $2.31 per share from $119.4 million or $1.24 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $3.44 per share, compared to $2.86 per share in the year-ago quarter.
Revenue for the quarter grew 4.1 percent to $16.25 billion from $15.61 billion in the same quarter last year. Revenues were up 11 percent in constant currency.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.91 per share on revenues of $15.82 billion for the quarter. Analysts’ estimates typically exclude special items.
Looking ahead to the first quarter, the company expects earnings in a range of $1.46 to $1.86 per share and adjusted earnings in a range of $2.60 to $3.00 per share on revenues between $15.2 billion and $16.2 billion.
The Street is looking for earnings of $2.66 per share on revenues of $15.85 billion for the quarter.
TD SYNNEX also announced that its Board of Directors declared a 17 percent higher quarterly cash dividend of $0.35 per common share, payable on January 27, 2023 to stockholders of record as of the close of business on January 20, 2023.
Further, the company’s board of directors has approved a share repurchase program of up to $1 billion of its common stock over a period of up to three years, replacing the previous three-year program.
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