Concentrix Corp (NASDAQ:CNXC) stock fell 3.14% (As on June 29, 11:22:08 AM UTC-4, Source: Google Finance) after the company missed the market’s expectations for the second quarter of FY 23. Non-GAAP operating income was $220.6 million, or 13.7% of revenue, compared with $212.8 million, or 13.6% of revenue, in the prior year second quarter. Adjusted EBITDA was $258.8 million, or 16.0% of revenue, compared with $249.9 million, or 15.9% of revenue, in the prior year second quarter. Cash flow from operations was $133.4 million in the quarter. Free cash flow for the quarter was $101.3 million. The company has made notable progress in the integration planning with Webhelp.
CNXC in the second quarter of FY 23 has reported the adjusted earnings per share of $2.69, missing the analysts’ estimates for the adjusted earnings per share of $2.75. The company had reported the adjusted revenue growth of 3 percent to $1.61 billion in the second quarter of FY 23, missing the analysts’ estimates for revenue of $1.66 billion.
Additionally, the company has paid a $0.275 per share quarterly dividend on May 9, 2023. The Company’s Board of Directors has declared a quarterly dividend of $0.275 per share payable on August 8, 2023, to shareholders of record at the close of business on July 28, 2023. Concentrix repurchased 39,000 shares in the second quarter at a cost of $4.9 million under its previously announced share repurchase program at an average cost of $126.39 per share. At May 31, 2023, the Company’s remaining share repurchase authorization was $339.1 million.
Concentrix expects Q3 2023 revenue to be in the range of $1.64B-$1.65B versus the analyst consensus of $1.56B. Operating income is expected to be in the range of $172 million to $182 million and non-GAAP operating income is expected to be in the range of $225 million to $235 million.
Concentrix expects FY 2023 revenue to be in the range of $6.58B-$6.64B versus the analyst consensus of $6.58B. The expectations exclude an expected revenue contribution of approximately $156 million for the full year from acquired operations not included in the full prior year results. Operating income is expected to be in the range of $690 million to $715 million and non-GAAP operating income is expected to be in the range of $920 million to $945 million.