BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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TD SYNNEX Reports Fiscal 2024 Second Quarter Results
FREMONT, Calif. & CLEARWATER, Fla., June 25, 2024 – TD SYNNEX (NYSE: SNX) announced its financial results for the fiscal second quarter ending May 31, 2024. The company reported solid performance across several key financial metrics, in line with its guidance. Despite these results, pre-market shares fell by 6.9% following the announcement.
Key Financial Highlights
- Revenue: $13.9 billion, within the guidance range of $13.3 - $14.9 billion.
- Non-GAAP Gross Billings: $19.3 billion, at the upper end of the guidance range of $18.4 - $19.6 billion.
- Gross Margin: 6.98%, an increase of 13 basis points (bps) from the previous year.
- Non-GAAP Gross Margin: 6.98%, up 9 bps from the prior year.
- Net Income: $144 million.
- Non-GAAP Net Income: $237 million.
- Diluted EPS: $1.66.
- Non-GAAP Diluted EPS: $2.73.
- Shareholder Returns: $288 million returned in share repurchases and dividends, a 210% increase from the prior year.
- Quarterly Dividend: Announced a quarterly cash dividend of $0.40 per common share, up 14% from the previous year.
Detailed Financial Performance
- Revenue: $13.9 billion, a slight decrease of 0.8% compared to the previous fiscal second quarter. On a constant currency basis, revenue decreased by 0.5%.
- Gross Profit: $974 million, a 1.0% increase from $963 million in the prior fiscal second quarter.
- Operating Income: $264 million, a 4.3% increase from $253 million in the prior year. Non-GAAP operating income was $388 million, up 3.2% from the previous year.
- Operating Margin: 1.9%, up from 1.8% in the prior year. Non-GAAP operating margin was 2.8%, compared to 2.7% in the previous year.
- Cash Flow: Used $115 million in operations with a negative free cash flow of $153 million.
Regional Performance
-
Americas:
- Revenue: $8.6 billion, a decrease of 1.6%.
- Non-GAAP Gross Billings: $12.2 billion, an increase of 3.5%.
- Operating Income: $209 million, up from $187 million.
- Operating Margin: 2.4%, up from 2.2%. Non-GAAP operating margin was 3.3%, up from 3.0%.
-
Europe:
- Revenue: $4.4 billion, a decrease of 0.8%.
- Non-GAAP Gross Billings: $5.9 billion, an increase of 1.5%.
- Operating Income: $34 million, down from $40 million.
- Operating Margin: 0.8%, down from 0.9%. Non-GAAP operating margin was 1.8%, down from 1.9%.
-
Asia-Pacific and Japan:
- Revenue: $964 million, an increase of 6.9%.
- Non-GAAP Gross Billings: $1.195 billion, an increase of 8.7%.
- Operating Income: $20 million, down from $26 million.
- Operating Margin: 2.1%, down from 2.8%. Non-GAAP operating margin was 2.3%, down from 3.0%.
CEO Commentary
"We continued to see an improving IT spending environment, with a return to year-over-year gross billings growth driven by strength in our core business across both Endpoint and Advanced Solutions and mid-teens growth in Strategic Technologies," said Rich Hume, CEO of TD SYNNEX. "We have returned over $500 million to shareholders this fiscal year and remain confident in our growth prospects for the second half amidst a recovering market backdrop."
Outlook for Q3 Fiscal 2024
- Revenue: Expected to be between $13.3 billion and $14.9 billion.
- Non-GAAP Gross Billings: Expected to be between $18.9 billion and $20.1 billion.
- Net Income: Expected to be between $152 million and $194 million.
- Non-GAAP Net Income: Expected to be between $219 million and $261 million.
- Diluted EPS: Expected to be between $1.77 and $2.27.
- Non-GAAP Diluted EPS: Expected to be between $2.55 and $3.05.
Dividend Declaration
TD SYNNEX's Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on July 26, 2024, to stockholders of record as of July 12, 2024.
(Source: TD SYNNEX)
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