NEW YORK ( TheStreet) -- Shares of Tech Data ( TECD - Get Report) tumbled on Monday after the Clearwater, Fla.-based information technology products distributor fell short of Wall Street's quarterly profit expectations for the first time in two years. Before the opening bell, Tech Data reported a first-quarter profit of $48.7 million, or $1.03 a share, for the three months ended April 30, on sales of $6.33 billion, up from earnings of $45.6 million, or 88 cents a share, on sales of $5.62 billion, in the same period a year earlier. The latest performance missed the average estimate of analysts polled by Thomson Reuters for earnings of $1.03 a share for the April period on sales of $6.39 billion. Tech Data said its operating income margin dipped in the latest quarter to 1.20% from 1.24% in last year's period, and gave an outlook only for "year--over-year organic sales growth" in both the Americas and Europe in the second quarter on a local currency basis. Wall Street's current consensus view is for a sequential decline in revenue to $6.18 billion for the second quarter ending in July, although that's still up 13% from a total of $5.47 billion in last year's second quarter. The stock was recently trading at $47.15, down 12%, on volume of 2.55 million, roughly six times the issue's trailing three-month daily average of 450,000. The shares have performed well so far in 2011, rising more than 20% since the start of the year, and more than 30% in the past 52 weeks. Monday's spike lower, however, brings the stock below both its 50-day and 200-day moving averages of $52.30 and $48.18 respectively, and at current levels it's now pulled back more than 15% since hitting a 52-week high of $54.25 on April 27. The shortfall marked the first time Tech Data has missed the average analysts' profit view in the past two years, and Wall Street was already split on the stock ahead of the news with the analyst coverage breaking down to three holds, two strong buys, two buys and one underperform.
Aside from the impact of sales coming in shy of consensus, Tech Data's bottom line was also impacted by higher selling, general and administrative expenses, which rose to $257.8 million in the latest quarter from $223.3 million a year earlier. The company attributed the increase to operating expenses related to acquisitions and a stronger euro. Tech Data stuck with a forecast for "double-digit operating income and earnings growth, as well as return on invested capital within a range of 14 to 16 percent" for the full fiscal year. The news was weighing a bit on competitors Arrow Electronics ( ARW), which fell 3..2% to $43.76; Ingram Micro ( IM), whose shares were off 2.6% to $18.51; and Synnex ( SNX - Get Report), which lost 2.3% to $32.47. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org