Tech Data Guides Q2 Adj. EPS In Line With View - Quick Facts

(RTTNews) - While reporting financial results for the first quarter of fiscal 2020 on Thursday, Tech Data Corp. (TECD) provided earnings and net sales outlook for the second quarter.

For the second quarter, the company projects earnings in a range of $1.53 to $1.83 per share and adjusted earnings in a range of $2.15 to $2.45 per share on worldwide net sales between $8.6 billion and $8.9 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.29 per share on net sales of $8.99 billion for the quarter. Analysts' estimates typically exclude special items.

"Looking ahead, although IT market growth has slowed somewhat from the year-ago levels, demand continues to be solid, and we remain positive on the overall IT spending outlook," said Rich Hume, chief executive officer.

For the first quarter, the company reported net income of $55.4 million or $1.49 per share, higher than $33.7 million or $0.87 per share in the year-ago quarter.

Excluding items, adjusted net income was $75.9 million or $2.04 per share, compared to $70.8 million or $1.84 per share in the prior-year quarter.

Net sales for the quarter were $8.4 billion, a decrease of 2 percent compared to the prior-year quarter. On a constant currency basis, net sales increased 3 percent.

The Street was looking for earnings of $1.97 per share on net sales of $8.46 billion.