Updated from April 28
rose Friday after the company beat first-quarter earnings estimates and guided in line for the current quarter.
Shares were recently up $2.36, or 16%, to $17.08.
The IT product and services distributor said first-quarter profit rose to $42.4 million, or 26 cents a share, from $37.6 million, or 24 cents a share, a year earlier.
Excluding items, profit rose to $49.2 million, or 30 cents a share, from $37.7 million, or 24 cents a share a year earlier. On this basis, the company edged analysts' estimates of 29 cents a share.
Sales rose 12% to $7.05 billion from $6.28 billion, but were below the consensus estimate of $7.12 billion.
For the second quarter, the company expects earnings of 25 cents to 28 cents a share on sales of $6.7 billion to $6.9 billion. Net income and earnings guidance exclude any reorganization costs, special items or integration expenses, which the company is unable to reasonably estimate on a quarterly basis at this time.
The estimates are essentially in line with Thomson First Call estimates of earnings of 25 cents a share and sales of $6.74 billion, and the company said it expects to succeed despite some hurdles.
"Our second-quarter guidance reflects year-over-year sales growth of 17 to 21 percent, driven by the additional Tech Pacific revenues and continued organic growth," said Chairman and CEO Kent B. Foster.
"I'm pleased we were able to give a solid outlook despite the challenging environments in certain markets," Foster said. "The economies of Germany, Italy and the Netherlands continue to be a bit soft, while pricing in North America is still competitive, although not as aggressive as a few months ago. However, our growth strategies in these regions are gaining traction. In addition, the integration of Tech Pacific is going smoothly and Latin America continues to be an outstanding performer."