2024

Billion

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">TD SYNNEX kicked off fiscal year 2024 with a robust <a href="https://ir.synnex.com/news/press-release-details/2024/TD-SYNNEX-Reports-Fiscal-2024-First-Quarter-Results-Announces-New-2B-Share-Repurchase-Authorization/default.aspx" target="_blank" aria-label="first quarter (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">first quarter</a>, demonstrating its resilience and strategic prowess in the dynamic IT ecosystem. Despite challenging global market conditions, the company reported revenue of $14.0 billion, aligning with the lower end of its outlook range of $14.0 – $14.7 billion.</p> 
<p>This performance underscores the company’s adeptness in navigating market volatilities and sustaining its growth trajectory.</p> 
<p>Furthermore, TD SYNNEX achieved a notable improvement in gross margin, reporting both gross margin and non-GAAP gross margin increases of 57 basis points (bps) and 52 bps, respectively, from the prior fiscal first quarter. <br><br>The company also showcased its strong liquidity position by generating $385 million in cash from operations and $344 million in free cash flow, a significant rebound from the previous year’s negative flows.</p> 
<h3 id="td-synnex-outperforms-eps-expectations-in-q1-falls-short-of-expected-revenue">TD SYNNEX Outperforms EPS Expectations in Q1, Falls Short of Expected Revenue</h3> 
<p>Compared to pre-established expectations, TD SYNNEX’s fiscal 2024 first-quarter achievements present a compelling narrative of operational excellence and strategic foresight. Analysts had set the bar with earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a>) expectations at $2.84 and revenue forecasts at $14.36 billion. <br><br>The company’s reported revenue of $14.0 billion was slightly below the revenue forecast. Yet, this outcome falls within the company’s guided range, illustrating prudent and realistic financial planning amid uncertain market conditions.</p> 
<p>Notably, TD SYNNEX outperformed EPS expectations, delivering a non-GAAP diluted EPS of $2.99, surpassing the anticipated $2.84 by a considerable margin. This outperformance in EPS is indicative of the company’s robust profitability and effective cost management strategies, which have clearly paid off by yielding higher-than-expected earnings.</p> 
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<h3 id="td-synnex-expects-fiscal-q2-revenue-to-be-in-the-13-3-to-14-9-billion-range">TD SYNNEX Expects Fiscal Q2 Revenue to be in the $13.3 to $14.9 Billion Range</h3> 
<p>Looking ahead, TD SYNNEX has provided guidance for the fiscal 2024 second quarter with an optimistic outlook, projecting revenue to be in the range of $13.3 – $14.9 billion and non-GAAP gross billings expected to be between $18.4 – $19.6 billion. <br><br>This guidance reflects the company’s confidence in its business model and its ability to continue driving growth amid evolving market dynamics. Additionally, the forecasted net income ranges from $139 – $183 million, with non-GAAP diluted earnings per share anticipated to be between $2.50 – $3.00, suggesting continued profitability.</p> 
<h3 id="td-synnex-approves-quarterly-cash-dividend-of-0-40-per-common-share">TD SYNNEX Approves Quarterly Cash Dividend of $0.40 Per Common Share</h3> 
<p>In a strategic move to enhance shareholder value, TD SYNNEX’s Board of Directors has approved a new $2 billion share repurchase authorization. This announcement underscores the company’s strong financial health and commitment to returning value to its shareholders. Coupled with a declaration of a quarterly cash dividend of $0.40 per common share, the company’s capital allocation strategy is evidently geared towards fostering shareholder trust and confidence.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
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<p>The post <a rel="nofollow" href="https://tokenist.com/td-synnex-thrives-in-fiscal-2024-q1-with-14-0-billion-revenue-and-eps-outperformance/">TD SYNNEX Thrives in Fiscal 2024 Q1 with $14.0 Billion Revenue and EPS Outperformance</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

TD SYNNEX Thrives in Fiscal 2024 Q1 with $14.0 Billion Revenue and EPS Outperformance

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