Synnex Reports Q1 Revenues Up 10 PercentBy Sharon Linsenbach | Print
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The company says the quarter is its 83rd consecutive profitable quarter.
Synnex March 20 reported revenue for the first quarter of 2008 increased 10 percent to $1.75 billion from $1.59 billion in the first quarter of 2007.
Net income for the first quarter of 2008 grew to $16.8 million, or 51 cents per share, from $13.9 million, or 43 cents per share in the same quarter of the previous year. Company officials said it was the 83rd consecutive profitable quarter for Synnex.
The net income increase represents 21 percent net income growth from the first quarter of 2007, Synnex officials said. Operating income for the first quarter increased to $32.8 million from $24.9 million in the first quarter of 2007.
First-quarter gross profit was $95.9 million, up from $74.4 million in the first quarter of 2007.
Robert T. Huang, president and CEO, said in a statement he was pleased with the company's profitability and growth, and that Synnex remained committed to growing the company's earnings per share by 15 percent year over year.