TD SYNNEX Corporation (NYSE:SNX) reported a Q4 FY23 revenue decline of 11.3% Y/Y to $14.407 billion, missing the consensus of $14.476 billion.
The revenue was impacted by a reduction in the Endpoint Solutions portfolio as the industry continued seeing the decline in post-pandemic demand for PC ecosystem products.
Adjusted gross billings for the year were $77.2 billion, compared to $80.6 billion in the prior fiscal year, down 4.2% Y/Y.
Adjusted EPS for the quarter of $3.13 surpassed the consensus of $2.68.
Adjusted GAAP gross profit was nearly $4 billion in both the current and prior fiscal year. Adjusted GAAP gross margin for the year was 6.9%, up 49 bps Y/Y.
Adjusted operating income was $1.6 billion for fiscal year, down 4.7% Y/Y.
The company exited the quarter with cash and equivalents worth $1.03 billion.
Dividend: TD SYNNEX announced a quarterly cash dividend of $0.40 per common share, representing a 14% increase compared to the prior quarter. The dividend is payable on January 26, 2024, to stockholders of record on January 19, 2024.
Outlook: TD SYNNEX sees Q1 2024 adjusted EPS of $2.60-$3.10 versus the $2.91 estimate.
The company projects Q1 revenue of $14 billion-$14.7 billion versus the $14.81 billion estimate.
The company expects adjusted gross billings of $19.0 billion-$20.0 billion.
Read Next: Starbucks Brews Aggressive Expansion In India: Eyes 1,000 Stores By 2028 With Workforce Doubling
Price Action: SNX shares are trading lower by 1.43% to $103.44 on the last check Tuesday.
Photo via Company
