Clearwater company Tech Data Corp. on Monday said its third-quarter net income more than doubled as lower interest expenses and a smaller foreign-exchange loss more than offset a decline in revenue.
The distributor of technology products, ranging from software to printers, earned $43.1 million, or 84 cents per share, compared to $16.8 million, or 33 cents, in the year-ago period.
Net sales fell 8 percent to $5.64 billion from $6.14 billion. Analysts were expecting earnings of 71 cents and revenue of $5.3 billion, according to Thomson Reuters. Analysts typically exclude one-time items.
Tech Data was able to boost earnings in the third quarter partly because net interest expenses fell to $5.8 million from $9.2 million. It also posted a $1 million loss related to foreign currency translation compared with a loss of $23.5 million for last year's quarter.
The net sales comparison in the quarter got a 2 percent boost from foreign exchange.
In North and Latin America, sales fell 10.9 percent to $2.46 billion while European sales were down 5.7 percent to $3.2 billion. Excluding the effects of foreign exchange, sales were down 9 percent in Europe.