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UPDATE 1-Synnex Q1 profit beats estimate
March 25, 2010 / 8:57 PM / 7 years ago

UPDATE 1-Synnex Q1 profit beats estimate

* Q1 adj EPS $0.66 vs $0.62 est

* Q1 rev $1.94 bln vs $1.95 bln est

* Sees Q2 EPS $0.62-$0.65, rev $1.95 bln-$2.03 bln

* Shares down 2 pct after the bell

March 25 (Reuters) - Synnex Corp (SNX.N) posted a better-than-expected quarterly profit, as the technology distributor gained market share and expanded margins.

For the first quarter ended Feb. 28, net income attributable to the company was $34.7 million, or 98 cents a share, compared with $18.9 million, or 58 cents a share, a year ago.

Net income from continuing operations was 66 cents a share.

Revenue rose 12.5 percent to $1.94 billion.

Analysts were expecting earnings of 62 cents a share, excluding items, on revenue of $1.95 billion.

Synnex forecast a second-quarter profit of 62 cents to 65 cents a share, on revenue of $1.95 billion to $2.03 billion.

Analysts were looking for 64 cents a share on revenue of $2.03 billion, according to Thomson Reuters I/B/E/S.

Shares of the company were down 2 percent at $31.06 in trading after the bell. They closed at $31.75 Thursday on the New York Stock Exchange.. (Reporting by Manasi Phadke in Bangalore; Editing by Jarshad Kakkrakandy)

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