Overview

• IT distributor's fiscal Q2 revenue rose 31% yr/yr, beating analyst expectations

• Adjusted EPS for fiscal Q2 rose 62% yr/yr, beating analyst expectations

• Company raised quarterly dividend by 9% and returned $151 mln to shareholders

Outlook

• TD SYNNEX sees Q3 revenue between $18.2 bln and $19.0 bln

• Company expects Q3 non-GAAP gross billings of $27.2 bln to $28.2 bln

• TD SYNNEX forecasts Q3 non-GAAP diluted EPS of $4.25 to $4.75

Result Drivers

• BROAD-BASED GROWTH - Co said results were driven by strength across Distribution and Hyve businesses

• STRATEGY EXECUTION - Management cited consistent execution of its strategy as supporting results

Company press release: ID:nBw5lKqTLa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$19.58 bln	$16.80 bln (9 Analysts)
Q2 Adjusted EPS	Beat	$4.85	$4.14 (11 Analysts)
Q2 EPS		$4.15
Q2 Adjusted Net Income	Beat	$390 mln	$328.48 mln (8 Analysts)
Q2 Net Income		$334 mln
Q2 Adjusted Operating Income	Beat	$615 mln	$519.95 mln (9 Analysts)
Q2 Operating Income		$519 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the computer hardware peer group is "buy"

• Wall Street's median 12-month price target for TD Synnex Corp is $300.00, about 5.9% above its June 24 closing price of $283.22

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 10 three months ago

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