The Tampa Bay area’s largest company saw its stock price shoot up on Thursday after posting a better-than-expected financial report.
Largo-based Tech Data reported sales of $9.09 billion for May, June and July, well above the $8.7 billion analysts had forecast. The company reported profits of $98.6 million, up from $77.7 million for the same period last year.
The stock price was up more than 20 percent on Thursday morning. It fell a little in the afternoon but still closed up almost 16 percent at $94.68 a share.
CEO Rich Hume said it was an “outstanding” quarterly report, boosted by stable demand for Tech Data’s products. The company, Tampa Bay’s largest 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’s more than 14,000 worldwide employees serve more than 100 countries.
Hume said that Tech Data’s global reach and broad portfolio of products have helped insulate the company from the U.S.-China trade dispute.
“Tariffs, unto themselves, aren’t necessarily an issue to us when it comes to our quarterly report performance,” he said. “It’s more the impact of tariffs on the overall global economy and the slowing down — or not — of the global economy.”
Looking forward, the company forecast worldwide sales of $9.2 billion to $9.5 billion for August, September and October.