The Tampa Bay area's largest company by revenue, Tech Data Corp., beat analysts' estimates in reporting first-quarter profits this morning.
Net income for the Clearwater IT distributor soared 132 percent to $23-million, or 43 cents a share, from $9.9-million, or 18 cents a share, a year ago. Revenues climbed 12 percent to $6.07-billion from $5.4-billion last year. Analysts were expecting a profit of 42 cents per share on sales of $5.74-billion.
The company said that its net income calculation includes $4-million in consulting and integration costs related to a recent acquisition. The results also include an $8.8-million loss related to the company's closure of its United Arab Emirates operations.
"Our ability to deliver these results is confirmation of our focus on execution," CEO Bob Dutkowsky said in a release. "While we are cognizant of the market uncertainty, our value-proposition is extremely strong, and our team remains focused on delivering exceptional service to our customers and vendor partners as we leverage our infrastructure for long-term success in the IT ecosystem."
Tech Data is predicting sales of $6-billion to $6.2-billion for the quarter ending July 31, above analysts' expectations of $5.66-billion.