Synnex gross profit up 7.5% in Q2

Synnex Corp., with offices in Greenville, reported a reduction in its liabilities along with a 7.53% year-over-year increase in gross profit during the company’s second-quarter earnings conference call.

According to its Securities and Exchange Commission filing, Synnex reported an increase in second-quarter gross profits of $300 million compared with $279 million the previous year.

“The increase in gross profit was due to technology solutions business mix, including growth in Hyve solutions and overall Concentrix growth,” said Synnex CFO Marshall Witt during the conference call.

The Concentrix portion of Synnex posted revenues of $342 million, up from $293 million in the second quarter of 2014.

“Our sales momentum continued, and we grew our revenues 16% over the last year and 10% when adjusting for the stage closings of the IBM acquisition and foreign exchange headwinds,” said Kevin Murai, Synnex’s president and CEO.

Christopher Caldwell, president of Concentrix Corp., said that segment of the company had revenue gains in all major geographies. He said Concentrix is signing three new clients each month on the average.

Company executives cautioned too much excitement during its third-quarter forecast. Caldwell said that third quarter is “traditionally our seasonal softest quarter as we not only ramped for business going into the fall, but see lower volumes in many of our traditional programs globally during the summer months in Europe and the Americas.”

In April, the company announced a $6.5 million expansion of its distribution headquarters in Greenville. The company announced plans for a 40,000-square-foot addition at its Pelham Ridge Drive location. The company has more than 1,250 employees in Greenville County and nearly 55,000 worldwide.

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Alyssa BennettSynnex gross profit up 7.5% in Q2