Synnex stock rises as results, outlook top Street view
Synnex Corp. shares rose in the extended session Thursday after the business process services company's quarterly results and outlook topped Wall Street estimates. Synnex shares advanced 3.7% after hours, following a 1.8% rise to close the regular session at $86.83. The company reported fiscal fourth-quarter net income of $113.2 million, or $2.41 a share, compared with $91.1 million, or $2.26 a share, in the year-ago period. Adjusted earnings were $3.65 a share. Revenue rose to $5.62 billion from $5.31 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $3.10 a share on revenue of $5.42 billion. For the fiscal first quarter, Synnex expects adjusted earnings of $2.70 to $2.80 a share on revenue of $5.23 billion to $5.43 billion, while analysts had forecast $2.52 a share on revenue of $5.01 billion. Synnex also hiked its quarterly dividend 7% to 37.5 cents a share. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.