CNXC - Concentrix Non-GAAP EPS of $2.69 misses by $0.06 revenue of $1.61B misses by $50M

2023-06-28 16:16:28 ET

• Concentrix press release ( NASDAQ: CNXC ): Q2 Non-GAAP EPS of $2.69 misses by $0.06 .
• Revenue of $1.61B (+2.5% Y/Y) misses by $50M .
• Q3 Outlook: Third quarter adjusted constant currency revenue growth is expected to be in the range of 1.5% to 2.5%. Based on current exchange rates, our expectations assume a 0.2-point positive impact of foreign exchange rates compared with the prior year. Additionally, our expectations exclude an expected revenue contribution of approximately $28 million in third quarter revenue from acquired operations not included in the full prior year results. Based on the above assumptions, we expect third quarter reported revenue in the range of $1.635 billion to $1.650 billion.
• Operating income is expected to be in the range of $172 million to $182 million and non-GAAP operating income is expected to be in the range of $225 million to $235 million.
• The effective tax rate is expected to approximate 26%.
• 2023 Outlook: Full year adjusted constant currency revenue growth is expected to be in the range of 2.0% to 3.0%. Based on current exchange rates, our expectations assume a 0.5-point negative impact of foreign exchange rates compared with the prior year. Additionally, our expectations exclude an expected revenue contribution of approximately $156 million for the full year from acquired operations not included in the full prior year results. Based on the above assumptions, we expect full year reported revenue in the range of $6.575 billion to $6.640 billion.
• Operating income is expected to be in the range of $690 million to $715 million and non-GAAP operating income is expected to be in the range of $920 million to $945 million.
• The effective tax rate is expected to approximate 26%.
• Shares -3.34% .

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