Monday, September 24, 2018
Business

Clearwater’s Tech Data becomes Florida’s largest company after 40 percent sales surge

CLEARWATER — Tampa Bay’s Tech Data Corp. closed its fourth quarter as Florida’s largest company fueled by a 40 percent surge in sales compared to 2016.

But investors were more focused on the global IT wholesaler’s bottom line. By the close of the market Thursday, shares had plummeted nearly 20 percent to close at $86.40.

Its $36.8 billion in annual sales is thanks largely to the Tech Data’s acquisition from Avnet, Inc. which pushed the company into Asia for the first time in February 2017.

"We saw it coming; we kind of knew the math," Tech Data CEO Robert Dutkowsky said in an interview. "We quietly went about our business. We’re happy for the company now, and more happy for Tampa Bay."

In 2016, Tech Data was the state’s second-largest public company behind Miami’s World Fuel Services. In 2017, the company that services ships, jets and trucks posted $33.7 billion in revenues. Now the Tampa Bay tech company is in more than 100 countries.

"I think it’s interesting the largest company in Florida and in Tampa Bay is not a cruise line, but a tech company," Dutkowsky said. "No one would think that."

Despite Tech Data’s sales jump, the company took a hit in its net income. Its fourth quarter profit tumbled to $1.3 million, or 3 cents per share. Earnings, adjusted for pretax expenses and costs related to mergers and acquisitions, were $3.50 per share. Wall Street analysts were expecting $3.53 per share on average, according to an estimate by Zacks Investment Research.

Comments
Dunkin' to drop Donuts, change name in January

Dunkin' to drop Donuts, change name in January

Dunkin' is dropping the donuts — from its name, anyway.Doughnuts are still on the menu, but the company is renaming itself "Dunkin'" to reflect its increasing emphasis on coffee and other drinks.The change will officially take place ...
Updated: 1 hour ago
FEMA to hold meetings to unveil new flood zones in Pinellas County

FEMA to hold meetings to unveil new flood zones in Pinellas County

CLEARWATER —The anxiety over flood insurance in Pinellas County could increase now that the Federal Emergency Management Agency has completed a years-long study to update flood zones and create new hazard maps.While still in the review stage, the upd...
Updated: 2 hours ago
Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

REDINGTON BEACH — Mark Wilson hasn’t had a customer for hours.As the only liquor store on his stretch of Pinellas County beaches, Wilson is used to a steady stream of tourists from the nearby condos and hotels. Other beachfront businesses affected by...
Published: 09/25/18
Weight Watchers slims its name down to WW

Weight Watchers slims its name down to WW

Weight Watchers is its dropping its brand name in exchange for something slimmer: "WW." The company says the new logo - coupled with the tagline "Wellness that Works" -- puts an emphasis on overall health and well being, with less...
Published: 09/24/18
Study: Some Tampa Bay neighborhoods among quickest selling in the state

Study: Some Tampa Bay neighborhoods among quickest selling in the state

Tampa Bay sounds like a home seller’s dream market — even compared to other locales statewide. According to a recent study by SmartAsset, four of the top 10 easiest places to sell a home in Florida are in the bay area. Northern Hillsborough County ac...
Published: 09/24/18
Lower demand brings slight dip in gas prices across state, Tampa Bay

Lower demand brings slight dip in gas prices across state, Tampa Bay

Just in time for fall, pump prices are finally declining. Gas prices in Florida averaged $2.72 per gallon Monday, down from $2.74 per gallon a week ago, according to AAA, The Auto Club Group. Tampa Bay prices were even lower at $2.63 per gallon, down...
Published: 09/24/18
SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

Satellite radio provider Sirius XM said Monday that it would acquire music streaming service Pandora Media for $3.5 billion in a bid to corral listeners who do not want to pay for premium channels.Pandora rose to success by providing tailored radio s...
Published: 09/24/18
Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

TAMPA — As a mutual fund wonder-boy, hedge fund manager and real estate investor, Jeff Vinik has long displayed a sense for knowing when to put money into the next big thing, and his latest bet on e-sports may be no different.Vink recently bought nea...
Published: 09/24/18
Hernando Business Digest for Sept. 28

Hernando Business Digest for Sept. 28

BrieflyEMPLOYERS NEEDED FOR JOB FAIR: Pasco-Hernando State College, CareerSource Pasco Hernando, the Greater Hernando County Chamber of Commerce and Hernando County Office of Economic Development are seeking employers to participate in the Open for A...
Published: 09/24/18
Solar farm land price is $6.8 million, including $4.4 million to state Sen. Wilton Simpson

Solar farm land price is $6.8 million, including $4.4 million to state Sen. Wilton Simpson

Tampa Electric Co. has said its Mountain View Solar project near Dade City represented a $75 million investment in alternative energy. The investing began in earnest last week when the utility paid more than $6.8 million for 382 acres in the rural co...
Published: 09/24/18