Tech Data: Fiscal 1Q Earnings Snapshot
CLEARWATER, Fla. (AP) _ Tech Data Corp. (TECD) on Thursday reported fiscal first-quarter net income of $55.4 million.
The Clearwater, Florida-based company said it had net income of $1.49 per share. Earnings, adjusted for one-time gains and costs, were $2.04 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.98 per share.
The information technology products distributor posted revenue of $8.41 billion in the period.
For the current quarter ending in August, Tech Data expects its per-share earnings to range from $2.15 to $2.45.
The company said it expects revenue in the range of $8.6 billion to $8.9 billion for the fiscal second quarter.
Tech Data shares have risen 12% since the beginning of the year. The stock has increased 13% in the last 12 months.