TD Synnex Corp (NYSE:SNX) stock rose 5.44% (As on June 24, 11:22:58 AM UTC-4, Source: Google Finance) after the company reported better-than-expected second quarter results. For the second quarter, non-GAAP gross billings increased 12.1% YoY to $21.6 billion. Operating margin held steady at 2.8%. By region, Americas revenue rose 5.3% to $9.0 billion, Europe revenue grew 10.5% to $4.9 billion, and Asia-Pacific and Japan revenue increased 8.7% to $1.0 billion. TD SYNNEX ended the quarter with $767 million in cash and cash equivalents. The company repurchased $149 million of stock and paid $37 million in dividends during Q2. Cash provided by operations of $573 million, compared to cash used in operations of $115 million, and free cash flow of $543 million, compared to negative free cash flow of $153 million.

Moreover, Americas Non-GAAP gross billings were $13.3 billion, compared to $12.2 billion, representing an increase of 9.0%. On a constant currency basis, non-GAAP gross billings increased by 9.4%. Operating income was $253 million, compared to $209 million. Non-GAAP operating income was $301 million, compared to $285 million. Operating margin was 2.8%, compared to 2.4%. Non-GAAP operating margin was 3.3% in both periods. Europe Non-GAAP gross billings were $6.8 billion, compared to $5.9 billion, representing an increase of 16.7%.

SNX in the second quarter of FY25 has reported the adjusted earnings per share of $2.99, beating the analysts’ estimates for the adjusted earnings per share of $2.71. The company had reported the adjusted revenue growth of 7.2 percent to $14.95 billion in the second quarter of FY25, beating the analysts’ estimates for revenue of $14.3 billion. On a constant currency basis, revenue increased by 6.3%, driven by growth in both the Endpoint Solutions and Advanced Solutions portfolios. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted the revenue compared to the prior fiscal second quarter by approximately 5%. Gross profit was $1,046 million, compared to $974 million. Gross margin was 7.0% in both periods. The presentation of additional revenues on a net basis due to the mix of products sold positively impacted the gross margin by approximately 31 basis points. Operating income was $328 million, compared to $264 million. Non-GAAP operating income was $414 million, compared to $388 million. Operating margin was 2.2%, compared to 1.9%. Non-GAAP operating margin was 2.8% in both periods.

The company expects Q3 adjusted EPS of $2.75-$3.25, compared to the $2.96 consensus. Revenue guidance of $14.7-15.5 billion was also higher than the $15.016 billion analysts were modeling.