1. Business

Tech Data's stock price drops after releasing quarterly financial results

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Published Mar. 7

Tech Data CEO Rich Hume described his company's latest financial report as extremely strong, adding to what he called a very good year.

Speaking Thursday after the Clearwater-based company released its fourth quarter and year-end reports, Hume said he was proud of what his team had accomplished.

"We brought a lot of value to our customers and vendors along the way," he said. "Win-win for all of our stakeholders."

Tech Data's sales climbed 4 percent to $10.47 billion in the quarter that ended Jan. 31. Profits soared to $117 million, up from $1.6 million in the same period a year earlier.

Sales for the company's fiscal year, which also ended Jan. 31, rose 11 percent to $37.2 billion. Profits nearly tripled, topping $340 million.

<URL destination="MORE TECH DATA: Meet the new(ish) CEO of Tampa Bay's largest company. ">MORE TECH DATA: Meet the new(ish) CEO of Tampa Bay's largest company.</CHARACTER>

</URL><CHARACTER style="Hyperlink"> Tech Data, Tampa Bay's largest company by revenues, is a middleman of sorts, buying equipment from major suppliers including Apple, HP and Cisco and shipping it to customers through logistics centers worldwide, six of them in the continental United States.

The company expects sales in the three months that end April 30 to range between $8.3 billion to $8.6 billion.

Despite the strong fourth quarter, sales didn't quite meet analysts' expectations. The company's share price closed the day at $93.67, down almost 6 percent.

Contact Graham Brink at Follow @GrahamBrink.


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