SYNNEX Corp. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended November 30, 2014; Provides Earnings Guidance for the First Quarter and Annual Tax Rate Guidance for the Fiscal 2015
January 13, 2015 at 02:33 am IST
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SYNNEX Corp. announced unaudited consolidated financial results for the fourth quarter and year ended November 30, 2014. For the quarter, revenue was $3,823,869,000 against $3,059,051,000 a year ago. Income before non-operating items, income taxes and non-controlling interest was $91,484,000 against $66,040,000 a year ago. Income before income taxes and non-controlling interest was $91,484,000 against $66,040,000 a year ago. Net income attributable to the company was $57,080,000 or $1.44 per diluted share against $41,488,000 or $1.09 per diluted share a year ago. Non-GAAP operating income was $124,861,000 against $77,254,000 a year ago. Non-GAAP net income attributable to the company was $72,677,000 or $1.83 per diluted share against $46,681,000 or $1.23 per diluted share a year ago. Capital expenditure for the quarter was approximately $20.1 million, which is primarily related to Concentrix facility expansion due to business growth. Preliminary cash flow generated from operations was approximately $50 million for the fourth quarter due to positive cash flow generated from Concentrix and efficient Technology Solutions working capital management.
For the year, revenue was $13,839,590,000 against $10,845,164,000 a year ago. Income before non-operating items, income taxes and non-controlling interest was $308,507,000 against $240,828,000 a year ago. Income before income taxes and non-controlling interest was $284,282,000 against $238,052,000 a year ago. Net income attributable to the company was $180,034,000 or $4.57 per diluted share against $152,237,000 or $3.02 per diluted share a year ago. Non-GAAP operating income was $406,704,000 against $257,175,000 a year ago. Non-GAAP net income attributable to the company was $242,347,000 or $4.57 per diluted share against $163,312,000 or $3.02 per diluted share a year ago. For fiscal 2014, cash flow used in operations was $231 million.
The company provided earnings guidance for the first quarter of fiscal year 2015. For the quarter, the company expects revenue to be in the range of $3.375 billion to $3.475 billion. Non-GAAP net income is expected to be in the range of $59.8 million to $61.8 million. Non-GAAP diluted earnings per share are expected to be in the range of $1.49 to $1.54. The non-GAAP diluted net income and non-GAAP EPS guidance exclude acquisition and integration-related expenses and after-tax cost of approximately $8.7 million or $0.22 per share related to amortization of intangibles.
For fiscal 2015, the company anticipates the annual tax rate to be in the 35% to 36% range.
TD Synnex Corporation is a global distributor and solutions aggregator for the information technology (IT) ecosystem. The Company's two primary solution portfolios include Endpoint Solutions and Advanced Solutions which are comprised of Endpoint Solutions Portfolio and Advanced Solutions Portfolio. Its Endpoint Solutions portfolio primarily includes personal computer (PC) systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software and consumer electronics. Its Advanced Solutions portfolio primarily includes data center technologies such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure. Its Advanced Solutions portfolio also includes specialized solution businesses. It offers services, such as systems design and integration solutions, logistics services, online services, and financial services. Its geographical segments include the Americas, Europe and Asia-Pacific and Japan (APJ).
SYNNEX Corp. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended November 30, 2014; Provides Earnings Guidance for the First Quarter and Annual Tax Rate Guidance for the Fiscal 2015