Tech Data Q2 Sales, Earnings Top Expectations

"This strategy has served us exceptionally well for the last several quarters, significantly improving the quality of our vendor and customer portfolios, delivering select market-share gains, meaningful operating margin expansion, record earnings and industry-leading return on capital employed," said CEO Robert Dutkowsky in a statement.

Tech Data earned $40.9 million, or 82 cents per share, on $5.47 billion in sales for the quarter. The results compare to earnings of $35.2 million, or 70 cents per share, on $5.18 billion in sales in the year-ago quarter.

Wall Street analysts were expecting a consensus earnings estimate of 78 cents per share and $5.43 billion in sales, according to Thomson First Call.

Sales in the Americas were $2.60 billion, an increase of 8.4 percent from the prior-year quarter. Sales in Europe were $2.87 billion, a 3.2 percent increase.

"Despite various macroeconomic uncertainties at the start of the quarter, the IT market grew at a good pace in both of our regions, allowing us to continue our focus on net revenue growth," Dutkowsky said in the statement.

Tech Data was vague on its third-quarter forecast but said it expected year-over-year sales growth and for demand to follow a seasonal pattern.

"While we anticipate the impact of foreign currencies to have a more pronounced effect on the fiscal year's second-half results than the first half, we are confident that our continued focus on responsible growth and excellent expense and asset management will deliver solid results for the remainder of the fiscal year, and keep us on the trajectory to achieve our longer-term financial objectives," said Dutkowsky in the statement.

Analysts are expecting earnings of 91 cents per share on $5.71 billion in sales for the third quarter.

Tech Data shares closed Wednesday at $38.67, up $1.06 per share, or nearly 3 percent.