Tech Data Corp. kept its comeback momentum, posting a 9 percent increase in sales and 17 percent jump in net income in a record third quarter.
The Clearwater computer parts distributor on Monday reported sales of $6.2 billion for the period ended Oct. 31 compared to $5.6 billion a year ago. Net income rose to $50.5 million, or $1.07 per share, up from $43.1 million, or 84 cents a share, in the year-ago quarter.
Tech Data CEO Robert Dutkowsky said his team capitalized on solid demand for technology products in both the Americas and Europe. Looking ahead, the company predicted sales could exceed historical sales patterns driven primarily by improved demand in the Americas.
The results could bode well for the broader tech industry. As a major IT distributor, Tech Data is often considered a bellwether for corporate IT growth.
Shares in the company closed Monday at $46.24, up $2.23 or 5 percent.