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May 31, 2020
TD Synnex Q2 2020 Earnings Report
TD Synnex's financial performance declined in Q2 2020 due to the impact of the COVID-19 pandemic.
Key Takeaways
TD Synnex reported a decrease in revenue, operating income, and net income for the second quarter of fiscal year 2020. Revenue was $5.53 billion, a 3.3% decrease compared to the prior year. Operating income was $111.7 million, a 36.0% decrease year-over-year. Net income was $57.0 million, a 50.2% decrease compared to the prior year.
Revenue was $5.53 billion, down 3.3% from the prior fiscal year second quarter.
Operating income was $111.7 million, down 36.0% from the prior fiscal year second quarter.
Non-GAAP operating income was $161.5 million, down 33.8% from the prior fiscal year second quarter.
Diluted earnings per share was $1.10, down 50.7% from the prior fiscal year second quarter.
TD Synnex
TD Synnex
Forward Guidance
SYNNEX expects revenue to be in the range of $5.5 billion to $5.9 billion, net income to be in the range of $67.0 million to $93.0 million, and diluted earnings per share to be in the range of $1.29 to $1.79 for the third quarter of fiscal year 2020.
Positive Outlook
- Revenue is expected to be in the range of $5.5 billion to $5.9 billion.
- Net income is expected to be in the range of $67.0 million to $93.0 million.
- On a non-GAAP basis, net income is expected to be in the range of $103.9 million to $129.9 million.
- Diluted earnings per share is expected to be in the range of $1.29 to $1.79.
- On a non-GAAP basis, diluted earnings per share is expected to be in the range of $2.00 to $2.50, based on estimated outstanding diluted weighted average shares of 51.3 million.
Challenges Ahead
- The statements are forward-looking and actual results may differ materially.
- Impact of COVID-19 or coronavirus, or other pandemics.
- General economic and market conditions.
- Any weakness in information technology and consumer electronics spending.
- The loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers.