Tech Data Q3 Profit Down, But Results Beat Estimates; Sees Q4 Adj. EPS In Line

(RTTNews) - Tech Data Corp. (TECD) reported a profit for the third-quarter that declined 13 percent from the prior year. Both quarterly adjusted earnings per share and revenue for the quarter beat analysts' expectations.

The company anticipates non-GAAP earnings per share to be in the range of $2.11 to $2.21 for the fourth-quarter ending January 31, 2017. Analysts polled by Thomson Reuters expect the company to report earnings of $2.20 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

The company anticipates worldwide net sales for the fourth-quarter ending January 31, 2017 to be in the range of $7.4 billion to $7.6 billion, with relatively flat local currency sales growth in both regions. Wall Street expects revenues of $7.35 billion.

Net income for the third-quarter declined to $36.5 million, from last year's $41.9 million with earnings per share decreasing to $1.03, from $1.18 in the prior year quarter.

Non-GAAP net income was $50.9 million, an increase of $5.7 million, or 13 percent, compared to the prior-year quarter. Non-GAAP EPS was $1.44, an increase of $0.16, or 13 percent compared to the prior-year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share for the third-quarter.

Net sales for the third-quarter were $6.5 billion, an increase of 1 percent compared to the prior-year quarter. On a constant currency basis, net sales increased 4 percent. Wall Street analysts had a consensus revenue estimate of $6.36 billion for the third-quarter.