For Synnex, a surprisingly good third quarter was driven by stability in the North American market and the company's gains in the channel market, according to an industry analyst.

However, a Raymond James and Associates report, cautioned that the Freemont, Calif., distributor's growth will not match the expectations in the fourth quarter.

On Sept. 21, Synnex announced that for the third quarter, which ended Aug. 31, the company earned $13.8 million, or 43 cents per share.

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That number was up more than 50 percent from $9 million or 29 cents per share during the same time period a year ago.

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Sales climbed 14 percent to $1.59 billion.

Analysts polled by Thomson's Financial had predicted third-quarter results at only 37 cents a share and sales of $1.55 billion.

"Synnex continues to benefit from its entry into higher-margin, product categories through its Technology Solutions Division [TSD]," Raymond James, based in St. Petersburg, Fla., wrote in its analysis.

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The analysis added: "While the TSD division offers incremental revenue and a higher margin profile, we do not believe this will materially alter the overall growth profile or margin structure for Synnex and is not likely to generate results that justify the current premium (Synnex) shares maintain."

When Synnex announced the results, the company said it expected fourth-quarter earnings of 44 cents to 46 centers per share and sales between $1.67 billion and $1.72 million.

Other analysts called for 43 cents per share earnings and sales of $1.71 billion.