TD SYNNEX Corporation - SNX STOCK NEWS

TD SYNNEX (NYSE:SNX), a prominent global IT distributor, has been honored by Dell Technologies as the 2024 Distributor of the Year in various regions. The accolades, announced at Dell Technologies World, recognize TD SYNNEX's significant market growth and excellence in distributing Dell products. The awards include Global Distributor of the Year, EMEA Distributor of the Year, North America Distributor of the Year, and APJ Distributor of the Year, with Tech Data India and Tech Data also receiving specific regional honors. Patrick Zammit, COO of TD SYNNEX, praised the global teams' dedication to delivering innovative solutions and collaborating effectively with Dell. Additionally, Dell acknowledged TD SYNNEX in Mexico as the Distributor with the Highest Growth in Storage earlier this year.

TD SYNNEX (NYSE: SNX) reported its fiscal 2024 second-quarter results, with revenue of $13.9 billion, within the expected range of $13.3-$14.9 billion. Non-GAAP gross billings were $19.3 billion, also hitting the upper end of the $18.4-$19.6 billion outlook.

Gross margin and non-GAAP gross margin improved to 6.98%. Net income was $144 million, with non-GAAP net income at $237 million. Diluted EPS was $1.66, and non-GAAP diluted EPS was $2.73. The company returned $288 million to shareholders through share repurchases and dividends, up 210% from the prior year.

Regionally, revenue saw minor declines in the Americas and Europe but grew in Asia-Pacific and Japan. The company announced a quarterly dividend of $0.40 per share, a 14% increase from the previous year. TD SYNNEX remains optimistic about growth prospects for the second half of the fiscal year.

TD SYNNEX (NYSE: SNX) announces that Patrick Zammit will become the new CEO, effective September 1, 2024, succeeding Rich Hume, who will retire but remain on the board of directors. Zammit has been the COO since January 2024, bringing extensive experience in driving growth and operational excellence. During his tenure, Hume led the company through significant growth and transformation, including major acquisitions and mergers. The Board of Directors expressed gratitude to Hume for his impactful leadership and looks forward to Zammit continuing to drive the company's strategic goals.

Corsair (Nasdaq: CRSR) has announced a strategic partnership with TD SYNNEX, a major global IT distributor. This collaboration aims to enhance customer relations by delivering tailored solutions, superior customer support, and consistent communication to meet evolving needs. Matthew Droeg, Managing Director at Corsair for Business, highlighted that TD SYNNEX would help bring Corsair’s advanced products to business clients. Corsair for Business offers high-performance workstations, peripherals, and broadcasting tools, particularly suited for AI and high-computing applications. In addition, Corsair provides TAA-compliant products and market-leading Esports hardware, catering to enterprise, education, and public sector B2B IT channels. Scott Young, SVP of Product Management at TD SYNNEX, emphasized that this partnership will expand their vendor portfolio and enable customers to achieve more through technology.

TD SYNNEX (NYSE: SNX) has announced that it will release its second quarter fiscal 2024 financial results on June 25, 2024, before the U.S. market opens.

A conference call to discuss these results is scheduled for 6:00 a.m. PT / 9:00 a.m. ET on the same day.

The earnings press release and a live audio webcast of the call will be available on TD SYNNEX's investor relations website, with a replay accessible after the call.

Hyve Solutions, a subsidiary of TD SYNNEX (NYSE: SNX), announced the integration of Intel® Xeon® 6 processors into its motherboards and systems.

This collaboration aims to enhance AI and cloud performance, offering high scalability and efficiency. The Intel Xeon 6 processors are featured in the Hyve-designed HS9124 motherboard, optimized for deep learning and high-performance computing (HPC) applications.

These processors come with two unique microarchitectures: E-cores for cloud-native workloads and P-cores for parallel processing in traditional data center tasks.

Intel Xeon 6 supports the fastest DDR5 memory with MCR DIMMs, up to 144 cores, and 8 memory channels. Hyve’s U.S.-based operations and global footprint enable rapid deployment of AI data center architectures.

TD SYNNEX (NYSE: SNX) has appointed Alim Dhanji as its new Chief Human Resources Officer, effective June 10. Dhanji, who succeeds Beth Simonetti, brings over 25 years of leadership experience in talent strategy and high-performance cultures from previous roles at Equinox Group and Adidas. Simonetti will retire on June 1 and continue as a consultant through August 31. CEO Rich Hume highlighted Dhanji's proven track record and his potential to enhance the company’s corporate culture and talent programs. Dhanji expressed enthusiasm for uniting global teams towards ambitious growth goals. He holds an MBA from Royal Roads University and has completed the Advanced Management Program at Harvard Business School.

TD SYNNEX (NYSE: SNX) has had its near and long-term science-based emissions reduction targets approved by the Science Based Targets initiative (SBTi), making it one of the first technology solutions aggregators to achieve this milestone.

Key highlights include:

1. Net-zero greenhouse gas emissions across the value chain by FY2045.

2. A 42% reduction in absolute scope 1 and 2 GHG emissions by FY2030 from a FY2022 base year.

3. By FY2028, 90% of suppliers by spend and 58% of customers by revenue will have science-based targets.

CEO Rich Hume emphasized that sustainability has been a priority since the company’s inception post-merger in 2021. Vice President Adam Rutstein highlighted the ongoing efforts to build regional roadmaps to reach these goals.

TD SYNNEX has launched MSP Evolve, a program designed to empower managed service providers (MSPs) in North America. The initiative includes a suite of customized solutions to enhance operational efficiency and drive business growth. MSP Evolve aims to address the unique challenges MSPs face in the evolving IT landscape, focusing on high-growth technologies like Cloud, Security, Data Analytics, and AI.

Key features include support services, solutions, and training programs available through the TD SYNNEX StreamOne® Cloud Platform, which offers tools for automation, integration, and billing reconciliation. The program also provides robust security services, including continuous IT infrastructure monitoring and comprehensive cybersecurity assessments.

Launched at the Beyond Security event in Boston, the initiative has already received positive feedback from partners, highlighting its educational and sales enablement resources.