TD Synnex Corp (NYSE:SNX) stock fell 2.26% (As on June 29, 11:10:19 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. The IT-services company posted net income of $148.9 million for the quarter ended May 31, compared with $93.1 million in the same period a year ago. Non-GAAP operating income was $398 million, compared to $432 million in the prior quarter, and $170 million in the prior fiscal second quarter. Non-GAAP operating margin was 2.6%, compared to 2.8% in the prior quarter, and 2.9% in the prior fiscal second quarter. The adjusted trailing fiscal four quarters ROIC was 12.8%, compared to 13.9% in the prior quarter and 21.3% in the prior fiscal second quarter. Cash provided by operations was approximately $1.0 billion for the quarter.

SNX in the second quarter of FY 22 has reported the adjusted earnings per share of $2.72, beating the analysts’ estimates for the adjusted earnings per share of $2.65, according to analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 160.71 percent to $15.3 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue of $15.27 billion. The growth comes primarily from the impact of the company’s merger with Tech Data last fall. On a sequential basis, revenue decreased 1.3% 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 July 29, 2022 to stockholders of record as of the close of business on July 15, 2022. The company has repurchased $29 million of the common stock in the quarter and $53 million year to date.

For the full year, the company has reaffirmed on a non-GAAP basis, diluted earnings per share to be in the range of $11.15 to $11.65, based on estimated outstanding diluted weighted average shares of 95.6 million. The company has reaffirmed the full year fiscal 2022 non-GAAP diluted earnings per share guidance despite an unfavorable impact of $0.14 due to the further devaluation of the Euro.

For the third quarter, the company expects revenue to be in the range of $14.5 billion to $15.5 billion, on a non-GAAP basis, net income is expected to be in the range of $241 million to $279 million and on a non-GAAP basis, diluted earnings per share is expected to be in the range of $2.50 to $2.90.