Tech Data Q1 Results Top View - Quick Facts

(RTTNews) - Tech Data Corp. (TECD) Thursday said its first-quarter net income surged to $51.3 million from $13.5 million in the previous year. Earnings per share soared to $1.38 from $0.35.

Excluding LCD settlements, among others, adjusted earnings totaled $0.80, while it was $0.72 last year. On average, seven analysts polled by Thomson Reuters expected earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales fell to $5.887 billion from $6.728 billion in the prior year. Excluding currency impact, consolidated net sales increased 2 percent. Analysts expected revenues of $5.63 billion.

Robert Dutkowsky, CEO, said, "Strong execution by our European team, supported by a better than expected demand environment, allowed us to overcome significant currency headwinds and a shortfall in our Americas region, and still deliver solid growth in non-GAAP net income and double-digit growth in non-GAAP earnings per share.

For the second quarter, the company expects low to mid-single-digit year-over-year sales decline in the Americas, and mid-single digit sales growth in Europe, in local currency.