TD Synnex Corp (NYSE:SNX) stock rose 4.26% (As on January 10, 11:24:03 AM UTC-4, Source: Google Finance) after the company reported fourth quarter earnings that topped analyst expectations. Gross profit was $1,041 million, compared to $1,019 million in the prior fiscal fourth quarter. Gross margin was 6.6%, compared to 7.1% in the prior fiscal fourth quarter, primarily due to higher margins in the prior year in strategic technologies and product mix. The presentation of additional revenues on a gross basis negatively impacted the gross margin by approximately 16 basis points. Operating income was $325 million, compared to $287 million in the prior fiscal fourth quarter primarily due to a decrease in acquisition, integration and restructuring costs. Non-GAAP operating income was $422 million, compared to $427 million in the prior fiscal fourth quarter. Non-GAAP operating margin was 2.7%, compared to 3.0% in the prior fiscal fourth quarter. Cash provided by operations of $562 million, compared to $211 million in the prior fiscal fourth quarter, and free cash flow of $513 million, compared to $168 million in the prior fiscal fourth quarter.

Moreover, Americas revenue was $9.2 billion, compared to $8.4 billion in the prior fiscal fourth quarter, representing an increase of 10.6%. Europe revenue was $5.5 billion, compared to $5.2 billion in the prior fiscal fourth quarter, representing an increase of 5.5%. Asia-Pacific and Japan revenue was $1.1 billion, compared to $0.8 billion in the prior fiscal fourth quarter, representing an increase of 31.7%

SNX in the fourth quarter of FY 24 has reported the adjusted earnings per share of $3.09, beating the analysts’ estimates for the adjusted earnings per share of $3.06. The company had reported the adjusted revenue growth of 10 percent to $15.84 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $15.25 billion. This is driven by growth in both its Advanced Solutions and Endpoint Solutions portfolios. Non-GAAP gross billings increased 7.4% to $21.2 billion.

For the first quarter of fiscal 2025, the company expects revenue between $14.4 billion and $15.2 billion, compared to the $14.76 billion consensus. TD SYNNEX forecasts Q1 adjusted EPS of $2.65 to $3.15, versus analyst estimates of $2.95.

Additionally, the company returned $750 million to shareholders in fiscal 2024 through $612 million in share repurchases and $138 million in dividends. TD SYNNEX also announced a 10% increase in its quarterly dividend to $0.44 per share.