Revenue above prediction leads to strong year for TD SYNNEX

Financial results put distributor in “good position” for the year ahead

TD SYNNEX today posted what its CEO Patrick Zammit referred to as “strong results” in its fiscal Q4 and full year, ended November 30, 2024.

The company’s revenue reached $15.84bn (£12.97bn) during the fiscal fourth quarter, a ten per cent increase compared to the same period last year ($14.4bn in Q4 FY23).

These results surpass the company’s $14.9bn to $15.7bn expectations.

Net income also ramped up nearly four per cent, from $187.5m in Q4 FY23 to $194.8m this fiscal Q4.

These profits were driven by fruitful activity around the world.

In Europe, revenue was $5.5bn compared to $5.2bn the year prior, representing a 5.5 per cent growth.

On a constant currency (ccy) basis, revenue increased 3.2 per cent.

In the Americas, revenue went up 10.6 per cent, from $8.4bn in Q4 FY23 to $9.2bn this quarter, and by 10.8 per cent ccy.

“We delivered strong results this quarter, driven by our end-to-end portfolio, global reach and differentiated value proposition that enable us to capture a wide range of technology spend and grow our market presence,” said Patrick Zammit, CEO of TD SYNNEX.

“Gross billings in Q4 grew seven per cent year-over-year and we returned 72 per cent of our free cash flow to shareholders in fiscal year 2024.

“Building on our momentum, we believe we’re well-positioned for the year ahead as we anticipate the IT spending environment will continue to improve.”

This announcement follows strong Q3 2024 results for TD SYNNEX, as the distributor reported a total revenue growth of 5.2 per cent year-over-year to £14.7bn.

These results were already at the upper end of the distie’s $13.3bn to $14.9bn outlook.

This series of strong quarters ensured an overall good fiscal year for the company, which reported a 1.6 per cent growth revenue in FY24, rising to $58.45bn, compared to $57.55bn the year prior.

Overall, the Americas remain way ahead of Europe in terms of revenue, as the company’s activity in the region reached $34.8bn this year, compared to $19.6bn on the Old Continent.

But revenue in the Americas increased by 0.6 per cent year-over-year (from $34.6bn), whereas Europe’s grew 1.1 per cent over the same period ($19.4bn last year).

On the other hand, net income went up ten per cent globally, standing at $689.1m this year compared to $626.9m in FY23.