Tech Data: Fiscal 2Q Earnings Snapshot
CLEARWATER, Fla. (AP) _ Tech Data Corp. (TECD) on Thursday reported fiscal second-quarter net income of $75.9 million.
The Clearwater, Florida-based company said it had net income of $1.97 per share. Earnings, adjusted for one-time gains and costs, were $2.01 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.
The information technology products distributor posted revenue of $8.89 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $8.73 billion.
For the current quarter ending in November, Tech Data expects its per-share earnings to range from $2 to $2.30.
The company said it expects revenue in the range of $8.7 billion to $9 billion for the fiscal third quarter.
Tech Data shares have dropped roughly 10 percent since the beginning of the year. The stock has declined 18 percent in the last 12 months.