TD SYNNEX Corporation reported its financial results for the three and nine months ended August 31, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months, consolidated revenue increased by 5.2% to $14,684.7 million from $13,960.6 million in the same period of 2023. However, for the nine months, revenue decreased by 1.3% to $42,607.9 million from $43,148.1 million. The Americas segment saw a revenue increase of $210.4 million in the third quarter, driven by growth in the Advanced Solutions portfolio, but experienced a decline of $667.0 million over the nine months, primarily due to revenue being presented on a net basis.
Operating income for the three months ended August 31, 2024, rose significantly by 26.1% to $302.9 million, compared to $240.2 million in the prior year. For the nine-month period, operating income increased by 9.9% to $869.4 million from $791.3 million. Net income for the three months was $178.6 million, up from $139.3 million, while for the nine months, net income rose to $494.3 million from $439.4 million. Earnings per share for the three months increased to $2.09 from $1.49, and for the nine months, it rose to $5.70 from $4.67.
The company’s cash and cash equivalents decreased to $853.9 million as of August 31, 2024, down from $1.0 billion at the end of November 2023. Total current liabilities also decreased to $15,990.4 million from $16,738.8 million, reflecting a reduction in current borrowings from $983.6 million to $314.2 million.
Strategically, TD SYNNEX has focused on digital transformation and cloud computing, with plans to enhance its technology-as-a-service offerings. The company incurred acquisition, integration, and restructuring costs of $3.9 million for the nine months ended August 31, 2024, compared to $9.0 million in the same period of 2023. Additionally, costs related to a voluntary severance program totaled $10.1 million in 2024, down from $37.2 million in the previous year.
The company continues to emphasize share repurchases, having authorized a new $2.0 billion program in March 2024, supplementing the previous $1.0 billion program. As of August 31, 2024, TD SYNNEX had repurchased 4.7 million shares for approximately $509.9 million. The company remains in compliance with its financial covenants and maintains sufficient liquidity to meet its operational needs.
About TD SYNNEX CORP
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