Profit shortfall at Synnex


30 March 2005 – Fremont (CA): Q1 net income at Synnex has fallen below Wall Street expectations, and even below the company’s reviewed Q1 earnings outlook of 2 March, which accounted for increased competition and slow demand.

Earnings came in at $8.6 million, or EPS of $0.27, down 11 per cent from $9.7 million, or EPS of $0.33.

Revenues increased 10 per cent to $1.35 billion, up from $1.22 billion a year ago.

Earlier in the month, the company lowered its forecast to $0.31 to $0.33 per share on total revenue of $1.34 to $1.35 billion. Previously, analysts were expecting Synnex to post an EPS of $0.38 for the quarter on sales of $1.42 billion.