11:58 AM EDT, 03/26/2024 (MT Newswires) -- (Updates to add recent share price movement in the first and fifth paragraphs, as well as details of Cyolo partnership in the fourth paragraph).

TD Synnex ( SNX ) climbed near a two-year high on Tuesday after the technology consulting company earlier reported improved fiscal Q1 earnings exceeding Wall Street expectations and also boosting its stock-buyback program by $2 billion.

The company posted non-GAAP net income of $2.99 per diluted share for the three months ended Feb. 29, up from $2.93 a year earlier. Analysts polled by Capital IQ expected $2.84.

Q1 revenue lagged year-ago levels and analyst forecasts, but the company guided its Q2 non-GAAP net earnings and revenue within consensus views.

Separately, TD Synnex ( SNX ) and privately held Cyolo Tuesday announced a partnership that will see TD Synnex ( SNX ) bundling Cyolo's remote access management products and services with its offerings for businesses. Financial terms were not disclosed.

TD Synnex ( SNX ) shares were more than 6% higher in midday trading, staying within close range of a recent advance lifting the stock to its best price since March 2022 at $112.55 per share.

The company's board maintained a quarterly cash dividend of $0.40 per share, payable on April 26 to shareholders of record as of April 12.

Price: 112.08, Change: +6.64, Percent Change: +6.30