TECH DATA 1ST Q. PROFIT FALLS

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TECH DATA 1ST Q. PROFIT FALLS

 user 2006-05-25 at 11:09:00 am Views: 62
  • #15547

    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.