Concentrix Corp (NASDAQ:CNXC) stock rallies 10.94% (As on June 27, 11:49:36 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 24. Operating income of $150.2 million, or 6.3% of revenue, compared to $162.6 million, or 10.1% of revenue, in the prior year second quarter, a reduction year-on-year primarily due to increased amortization of intangibles and planned integration expenses associated with the Company’s combination with Webhelp, which closed in the fourth quarter of 2023. Adjusted EBITDA of $379.6 million, or 15.9% of revenue, compared with $258.8 million, or 16.0% of revenue in the prior year second quarter. Adjusted free cash flow was $201.9 million in the quarter.

CNXC in the second quarter of FY 24 has reported the adjusted earnings per share of $2.69, beating the analysts’ estimates for the adjusted earnings per share of $2.63. The company had reported the adjusted revenue growth of 47.4 percent to $2.38 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $2.35 billion. The Company grew revenue 4.0% year-on-year on a pro forma constant currency basis.

Additionally, the company declared a quarterly dividend of $0.3025 per share payable on August 6, 2024, to shareholders of record at the close of business on July 26, 2024. The Company repurchased 0.7 million shares in the second quarter at a cost of $40.3 million under its previously announced share repurchase program at an average cost of $61.12 per share. At May 31, 2024, the Company’s remaining share repurchase authorization was $227.2 million.

Concentrix expects fiscal Q3 non-GAAP EPS to be in the range of $2.76 to $3.04 on revenue of $2.35 billion to $2.40 billion. Analysts surveyed by Capital IQ expect non-GAAP EPS of $3.23 on revenue of $2.38 billion. For the third quarter, reported revenue is expected to be in the range of $2.350 billion to $2.400 billion and non-GAAP operating income to be in the range of $330 million to $350 million.

For fiscal year 2024, the company expects non-GAAP EPS to be in the range of $11.40 to $12.07 on revenue of $9.58 billion to $9.68 billion. Analysts polled by Capital IQ expect non-GAAP EPS of $11.92 on revenue of $9.60 billion. For fiscal year 2024, the company expects full year reported revenue of $9.580 billion to $9.675 billion and non-GAAP operating income of $1,350 million to $1,400 million.