TD Synnex has released its financial results for the fiscal fourth quarter and fiscal year ended November 30, 2021.
Revenues soared 155.1 per cent to $15.6bn (€13.7bn) from the previous fiscal fourth quarter.
The distribution giant attributed the significant spike to the September merger between Tech Data and Synnex.
Meanwhile operating income saw a drop of 7.5 per cent from $200m (€176m) to $185m (€162m).
However, the company’s CFO, Marshall Witt said in an earnings call transcribed by Seeking Alpha that total revenue of $15.6bn for the joint company was down two per cent from the prior year as the comparison assumes the merger with Tech Data occurred on September 1, 2020.
“Fiscal Q4 represents our first 90 days together as TD Synnex. The team responded to the ongoing supply chain challenges with an unwavering focus, strong execution and collaboration, leading to results ahead of expectations,” said TD Synnex CEO, Rich Hume.
“The potential of this company is significant, and we look forward to accelerating growth and value for our customers and partners across the ecosystem, while also making progress on our integration and strategic initiatives.”
Hume also told listeners TD’s advanced solutions products and service business saw a continued improvement in the quarter and grew year on year, “assuming the merger had occurred in the prior year.”
Endpoint solutions, though slightly down year on year, also performed well and in line with expectations despite the challenging industry supply conditions and a tough prior year comparison.
Moreover, all three regions performed well, with solid demand seen in the Americas.
In Europe, demand for next-generation solutions was healthy, with Hume claiming TD “outgrew” the market.
FY fiscal 2021
The distributor’s full fiscal 2021 saw just as positive results.
Revenues came in at $31.6bn (€27.8bn) up 58.3 per cent from the prior fiscal year.
Operating income grew 19.5 per cent to $623m (€548m) for the fiscal year.
2022 guidance
TD Synnex expects Q1 2022 revenue in the range of $14.75bn – $15.75bn.
For its full-year fiscal 2022 forecast, the company expects non-GAAP earnings per share to be between $10.80-$11.20.