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(RTTNews) - TD SYNNEX Corp. (SNX) reported Tuesday that net income for the first quarter grew to $172.1 million or $1.93 per share from $167.0 million or $1.75 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.99 per share, compared to $2.93 per share in the year-ago quarter.

Revenue for the quarter decreased 7.6 percent to $13.98 billion from $15.13 billion in the same quarter last year. Revenues were down 8.3 percent in constant currency.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.84 per share on revenues of $14.36 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, the company expects earnings in a range of $1.59 to $2.09 per share and adjusted earnings in a range of $2.50 to $3.00 per share on revenues between $13.3 billion and $14.9 billion.

The Street is looking for earnings of $2.78 per share on revenues of $14.25 billion for the quarter.

TD SYNNEX also announced that its Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on April 26, 2024 to stockholders of record as of the close of business on April 12, 2024.

Further, TD SYNNEX Board of Directors has approved a share repurchase program of up to $2 billion of its common stock, supplementing the existing program of which approximately $197 million remains.

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