TD SYNNEX has announced a staggering revenue of £12 billion and a net income of £147 million in its fiscal first quarter, defying market expectations.
Despite revenues hitting the forecasted range between £12 billion and £12.5 billion, they are a 6.7 per cent dip from last year’s figures.
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CEO Rich Hume said: “We generated strong results in our fiscal first quarter, driven by our expansive portfolio and an improving IT demand environment. This resulted in record margins, EPS at the upper end of our expectations, healthy free cash flow and robust capital returned to shareholders.”
He added that the company was using its strong relationships across the business partner ecosystem and our robust core and strategic technology portfolios to accelerate growth for our partners while continuing to produce solid returns for our shareholders.
Non-GAAP gross billings have hit a high of £16.5 billion.
Gross margin and non-GAAP gross margin have shot up by 57 and 52 basis points, respectively.
Net income has soared to £ 147 million, a three-percent increase from Q1 2023. Cash flow is through the roof at £329 million, with free cash flow at £294m.
Europe’s Q1 revenue has fallen to £4.4 billion, a 7.3 per cent drop from last year’s £4.7 billion.
When you strip away the currency cushion, revenue has taken a sharper nosedive of 9.5 per cent yearly.
The company’s been playing a bit of financial wizardry, with a higher slice of revenue presented on a net basis, knocking about two per cent off the revenue year on year.
Non-GAAP gross billings in Europe are down to £5.6 billion, a 5.4 per cent drop from the £6 billion reported last Q1.
Operating income in Europe is £92 billion, leaping from last year’s £75 billion.
Non-GAAP operating income has risen to £126 million, up from the £122 million reported in the previous fiscal first quarter.
Europe’s Operating margin has increased to 2.1 per cent from 1.6 per cent in the last fiscal first quarter.
The non-GAAP operating margin has risen to 2.9 per cent, up from 2.6 per cent in the first fiscal quarter.
