TD Synnex Corp (NYSE:SNX) stock rose 0.66% (As on September 28, 11:53:39 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. Operating income was $242 million, compared to $253 million in the prior quarter and $148 million in the prior fiscal third quarter. Non-GAAP operating income was $398 million in both the current and prior quarter, compared to $168 million in the prior fiscal third quarter. Operating margin was 1.6%, compared to 1.7% in the prior quarter, and 2.9% in the prior fiscal third quarter. Non-GAAP operating margin was 2.6% in both the current and prior quarter, compared to 3.2% in the prior fiscal third quarter. Cash used in operations was approximately $67 million for the quarter primarily due to working capital investments to support growth in the business. The adjusted trailing fiscal four quarters ROIC was 12.0%, compared to 12.8% in the prior quarter and 21.8% in the prior fiscal third quarter.
SNX in the third quarter of FY 22 has reported the adjusted earnings per share of $2.74, missing the analysts’ estimates for the adjusted earnings per share of $2.75, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 194.9 percent to $15.36 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue by 1.63%. This is primarily due to the impact of the completion of the merger with Tech Data on September 1, 2021. On a sequential basis, revenue increased approximately 1% compared to the prior quarter.
Additionally, the company has declared a quarterly cash dividend of $0.30 per common share. The dividend is payable on October 28, 2022 to stockholders of record as of the close of business on October 14, 2022.
For the fourth quarter of fiscal 2022, the revenue is expected to be in the range of $15.2 billion to $16.2 billion, net income is expected to be in the range of $138 million to $177 million and on a non-GAAP basis, net income is expected to be in the range of $259 million to $298 million and diluted earnings per share is expected to be in the range of $1.44 to $1.84 and on a non-GAAP basis, diluted earnings per share is expected to be in the range of $2.70 to $3.10