AP NEWS

Tech Data: Fiscal 3Q Earnings Snapshot

November 29, 2018

CLEARWATER, Fla. (AP) _ Tech Data Corp. (TECD) on Thursday reported fiscal third-quarter profit of $114.2 million.

On a per-share basis, the Clearwater, Florida-based company said it had profit of $2.96. Earnings, adjusted for non-recurring costs, were $3.02 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.19 per share.

The information technology products distributor posted revenue of $9.34 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $8.87 billion.

For the current quarter ending in January, Tech Data expects its per-share earnings to range from $3.90 to $4.20.

The company said it expects revenue in the range of $10.5 billion to $10.9 billion for the fiscal fourth quarter.

Tech Data shares have dropped 25 percent since the beginning of the year. The stock has dropped 28 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TECD at https://www.zacks.com/ap/TECD

AP RADIO
Update hourly