reported fourth-quarter earnings that exceeded analysts' raised expectations, but the company lowered its guidance for the upcoming period because of the slowdown in information technology spending.
For the fourth quarter ended Jan. 31, Tech Data earned $52.7 million, or 92 cents a share, up from $37.1 million, or 67 cents a share, in the year-ago period. Ten analysts surveyed by
Thomson Financial/First Call
expected the company, which is based in Clearwater, Fla., to earn 86 cents a share.
Tech Data, a provider of IT products and logistics management services, posted fourth-quarter revenue of $5.3 billion, up 11.2% from $4.8 billion in the same quarter one year ago.
For the first quarter, the company expects to earn $24 million to $29 million, or 45 cents to 53 cents a share, down from $37.2 million, or 68 cents a share, in the same period a year ago. Analysts expect the company to earn 74 cents a share.
The company also said it expects first-quarter revenue of $4.6 billion to $4.8 billion.