Synnex stock rallies on earnings beat

Synnex Corp.

SNX, -2.14%

shares rallied in the extended session Tuesday after the business process services company topped Wall Street estimates for the quarter. Synnex shares surged 7.8% after hours, following a 2.1% decline in the regular session to close at $95.75. The company reported third-quarter net income of $123.1 million, or $2.40 a share, compared with $66.9 million, or $1.69 a share, in the year-ago period. Adjusted earnings were $3.30 a share. Revenue rose to $6.2 billion from $4.82 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.86 on revenue of $5.69 billion. Synnex expects adjusted fourth-quarter earnings of $3.50 to $3.70 a share on revenue of $5.85 billion to $6.15 billion, while analysts had forecast $3.52 a share on revenue of $5.93 billion.

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