Tech Data Q3 Profit Rises - Quick Facts

(RTTNews) - Tech Data Corp. (TECD), a wholesale distributor of technology products, posted higher third-quarter net income of $41.7 million, or $1.09 per share, compared with $37.7 million, or $0.99 per share, in the prior-year quarter. On a non-GAAP basis, quarterly net income was $45.3 million, or $1.18 per share, versus last year's $39.6 million or $1.04 per share. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $6.76 billion, an increase of 6 percent from the prior-year quarter's $6.37 billion. Wall Street analysts had a consensus revenue estimate of $6.79 billion. Excluding the negative impact of the weakening of certain foreign currencies against the U.S. dollar, consolidated net sales increased around 9 percent year-over-year.

For the fourth quarter ending January 31, 2015, the company sees year-on-year low single-digit sales growth in both regions in local currency.