Shares of Synnex Corp. (SNX, Financial) gained 8% on Wednesday after announcing second-quarter results. The company posted earnings of $2.86 per share on $5.72 billion in revenue, reflecting 16.5% growth from the prior-year quarter. The company beat earnings estimates by 15 cents and revenue expectations by $200 million.
"We delivered strong results in our second quarter as both of our business segments exceeded expectations and set quarterly records," President and CEO Dennis Polk said. "Our Concentrix business continued its momentum post the Convergys (CVG) acquisition by delivering solid results, while executing ahead of schedule on our integration plan."
By segment, sales in the technology solutions division were $4.6 billion, an increase of 3.3%. The operating income was $112 million. Non-GAAP operating income was $124 million.
Revenue in the Concentrix segment was $1.2 billion, more than doubling the year-ago quarter as a result of the Convergys acquisition. The operating income was $62 million. The non-GAAP operating income was $120 million.
During the quarter ended March 31, Jim Simons (Trades, Portfolio)' Renaissance Technologies established a new position in the stock, buying 143,228 shares. Sarah Ketterer (Trades, Portfolio) added 2.25% to her stake. Pioneer Investments (Trades, Portfolio) also boosted its holding by 6.25%.
Disclosure: The author holds no positions in any stocks mentioned.
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