Tech Data Q2 Results Beat Estimates

(RTTNews) - Tech Data Corp. (TECD) Thursday announced a surge in second quarter net income to $76.4 million or $2.09 per share from $39.3 million or $1.03 per share last year. On an adjusted basis, earnings increased to $52.5 million or $1.43 per share from $42.9 million or $1.12 per share last year.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.96 per share. Analysts estimates usually exclude special items.

Net Sales for the quarter declined 4 percent to $6.580 billion from $6.841 billion in the prior year. Excluding currency impact, net sales were up 8 percent. Wall Street was looking for $6.07 billion.

Looking ahead to the third quarter, the Company expects year-over-year local currency sales growth of mid-single digits in the Americas, and mid- to high-single digits in Europe, excluding items.