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Tech Data profit beats analysts' estimates

Despite the rough economy, the bay area's largest company by revenue, Tech Data Corp., beat analysts' estimates in reporting first-quarter profits Thursday. 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. For the three months ended April 30, revenue 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. 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. Its shares closed Thursday at $36.89, down 1 cent.

Tech Data profit beats analysts' estimates 05/22/08 [Last modified: Wednesday, May 28, 2008 11:41am]
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