SNX: SYNNEX to Jump Before I Get to Include it in My Watch List
This morning I announced that one of the additions to my Mid Cap Watch List (Track at Marketocracy) would be Synnex (SNX). Unfortunately when the portfolio changes are made on Friday it looks like I will paying a bit more for the stock, in the wake of yesterday’s strong earnings report.
SYNNEX Corporation (SNX), a business process services company, today announced financial results for the second quarter ended May 31, 2007.For the second quarter of fiscal 2007, revenues increased by 11% to $1.68 billion compared to $1.51 billion for the quarter ended May 31, 2006. Net income for the second quarter increased by 30% to $14.7 million, or $0.45 per share, compared with $11.3 million, or $0.36 per share in the prior year quarter.
“Our second quarter results mark a significant milestone on the road to evolving our business model from a traditional broad line distributor to a leading business process services company,” said Robert T. Huang, President and Chief Executive Officer.
Analysts were only expecting the company to earn $0.44 on $1.63 billion in sales. For next quarter the company is guiding toward $1.70-$1.75 billion in sales and $0.44-$0.46 in earnings per share, compared with the current consensus of $0.46 on $1.71 billion.
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