Tech Data beat Wall Street expectations with its second quarter earnings for fiscal 2008, turning around from a loss in the same period last year, due to strong sales in the Americas.
The Clearwater, Fla.-based broadline distributor posted earnings of $7.2 million, or 13 cents per share, for the second quarter this year. Last year Tech Data posted losses of $155.5 million, or $2.81 per share.
Before adjusting for one-time charges of $20.9 million related to its decision to exit business in Israel and the United Arab Emirates and to the closing of a European logistics center, the company earned $27.5 million, or 50 cents per diluted share.
Analysts polled by Thompson Financial expected the company to earn 30 cents per diluted share on sales of $5.3 billion.
Tech Data posted sales of $5.6 billion for the quarter, up 13.6 percent from $4.9 billion over the same period last year.
Net sales in the Americas region were $2.9 billion, up 17 percent over last year. European sales were also up by 10 percent, to $2.7 billion.
"We are extremely pleased with our second quarter performance as our focus on execution delivered strong results in both of our geographic regions. Through responsible sales and product management, we achieved record second-quarter net sales - highlighted by very strong growth in the Americas region that outpaced the market," said Bob Dutkowsky, CEO, in a statement.
Tech Data anticipates sales of $5.75 to $5.9 billion in the third quarter.
The distributor's shares were trading at $38.10 this morning, up more than 8 percent over yesterday's close.
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