Tech Data Q1 Profit Down - Quick Facts

(RTTNews) - Tech Data Corp. (TECD) said that its first-quarter net income declined to $13.5 million or $0.35 per share, from $17.8 million or $0.47 per share in the prior-year quarter.

But, non-GAAP net income for the quarter rose to $27.7 million or $0.72 per share, from $25.1 million or $0.66 per share year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.

Net Sales for the first quarter were $6.73 billion, an increase of 9 percent from $6.15 billion in the prior-year quarter. Wall Street expected revenues of $6.48 billion. Excluding the positive impact of the strengthening of certain foreign currencies against the U.S. dollar, consolidated net sales increased approximately 6 percent from the prior-year quarter.

For the second quarter ending July 31, 2014, the Company expects year-over-year sales growth of low-to-mid single digits in the Americas and Europe, in euros. Analysts expect the company to report revenues of $6.57 billion for the second-quarter.

For fiscal 2015, the Company expects a non-GAAP effective tax rate of 31 to 33 percent.