TD SYNNEX Corporation ( SNX )  shares are rising on Tuesday.

The company reported first quarter adjusted earnings per share of $2.99, beating the street view of $2.84.

The company reported quarterly revenue of $13.975 billion, missing the analyst view of $14.357 billion.

On a constant currency basis, revenue decreased by 8.3% compared to the prior fiscal first quarter. 

Non-GAAP gross billings were $19.3 billion in the quarter under review, compared to $20.2 billion in the prior fiscal first quarter.

First-quarter non-GAAP gross profit was $1.006 billion, compared to $1.011 billion in the prior fiscal first quarter. Non-GAAP gross margin was 7.2%, compared to 6.7% in the prior fiscal first quarter. 

The company said it returned $235 million to shareholders in the form of share repurchases and dividends, up 59% from the prior fiscal first quarter. 

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 approximately $197 million remaining. 

The company declared a quarterly cash dividend of $0.40 per common share. The dividend is payable on April 26, 2024, to stockholders of record as of the close of business on April 12, 2024.

Outlook: TD SYNNEX ( SNX ) expects second-quarter revenues of $13.3 billion- $14.9 billion versus the $14.25 billion estimate.

The company sees adjusted earnings per share of $2.50-$3.00 versus the $2.78 estimate.

According to Benzinga Pro, SNX stock has gained 20% in the past year. Investors can gain exposure to the stock via Invesco Exchange-Traded Fund Trust II Invesco S&P MidCap 400 Revenue ETF 

 and Invesco S&P Midcap 400 Pure Value ETF ( RFV ) .

Price Action: SNX shares are trading higher by 5.04% to $110.75 on the last check Tuesday.