From Nasdaq:

TD SYNNEX reported mixed results for the fourth quarter of fiscal 2023, with the bottom line surpassing the Zacks Consensus Estimate, while the top line missed the same. Non-GAAP EPS of $3.13 topped the Zacks Consensus Estimate, a 9% decrease year over year due to lower-than-expected revenues, which dropped 11.3% to $14.41 billion.

Reduced demand for PC ecosystem products across various industries led to the decline in revenues, while sales in the company’s Endpoint Solutions portfolio also decreased. For the fiscal fourth quarter, the non-GAAP gross profit declined 5.5% year over year and the non-GAAP operating income was down 13.9% to $426.6 million.

The company ended the fiscal fourth quarter with cash and cash equivalents of $1.03 billion, generating $211 million in cash from operational activities during the quarter. It returned $374 million to shareholders in the fourth quarter by repurchasing stocks worth $343 million and paying out $31 million in dividends.

TD SYNNEX expects to generate revenues between $14 billion and $14.7 billion for the first quarter of fiscal 2024, in addition to an estimated non-GAAP net income in the range of $232-$277 million. The company is ranked #3 (Hold) and shares have declined 4.7% in the past year. Some better-ranked stocks from the broader technology sector are Kanzhun, BlackLine, and Everbridge, each sporting a Zacks Rank #1 (Strong Buy) at present.

The Zacks Consensus Estimate for Kanzhun’s fourth-quarter 2023 earnings per share has been revised downward by 2 cents to 16 cents in the past 30 days, while BlackLine’s fourth-quarter 2023 earnings have been revised by a penny northward to 55 cents per share in the past seven days. The Zacks Consensus Estimate for Everbridge’s fourth-quarter 2023 earnings has declined by a penny in the past 60 days to 49 cents per share.

For more of the latest recommendations from Zacks Investment Research, check out their list which consists of 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. This list aims at highlighting tickers that are deemed “Most Likely for Early Price Pops.”



Read more: TD SYNNEX (SNX) Q4 Earnings Top Estimates, Revenues Miss