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Tech Data Q1 profit falls
shares fall on disappointing Q1 forecast
SAN
FRANCISCO — Tech Data Corp. reported late Thursday fiscal
fourth-quarter net income rose 52 percent on strong sales in North
America and Europe, but its shares fell in late trading after the
distributor of technology gear gave a disappointing forecast.Tech Data
Corporation said it earned $59.3 million, or 99 cents a share, for the
period ended Jan. 31, up from $38.9 million, or 67 cents, a year
ago.Sales rose 14 percent to $5.6 billion from $4.9 billion.The results
topped the average estimate of analysts surveyed by Thomson First Call,
who forecast a profit of 73 cents a share on $5.24 billion in
revenue.Still, Tech Data shares fell $1.98, or 5 percent, to $38.05 in
late trading after its sales and profit forecast for the quarter ending
April 30 fell short of Wall Street expectations.The company said it
will earn between $34 million and $37 million, or between 57 cents a
share and 62 cents a share for its fiscal first quarter. The company
forecast sales in a range between $4.95 billion and $5.1
billion.Analysts had expected Tech Data to earn 67 cents a share on
revenue of $5.11 billion.Tech Data said North American sales made up
$2.2 billion, or 40 percent,of fiscal fourth quarter revenue, while
sales in Europe, the Middle East and Africa accounted for $3.4 billion,
or 60 percent.
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