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Synnex profit misses consensus by 18.5% in fiscal Q1

SYNNEX Corp. said its normalized net income for the fiscal first quarter ended Feb. 29 was $1.11 per share, compared with the S&P Capital IQ consensus estimate of $1.37 per share.

EPS fell 8.7% year over year from $1.22.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $43.9 million, a decline of 8.3% from $47.9 million in the year-earlier period.

The normalized profit margin fell to 1.4% from 1.5% in the year-earlier period.

Total revenue declined on an annual basis to $3.13 billion from $3.20 billion, and total operating expenses declined year over year to $3.05 billion from $3.12 billion.

Reported net income totaled $46.1 million, or $1.17 per share, compared to $45.7 million, or $1.16 per share, in the year-earlier period.