Tech Data Climbs After Beating Third-Quarter Earnings Estimates - TheStreet

Tech Data Corp.  (TECD) - Get Report climbed 3% to $73.68 Thursday after the wholesale technology distributor beat third-quarter earnings estimates.

The Clearwater, Florida-based company reported earnings of $2.96 a share, up from 97 cents a year ago, and beat analysts' expectations. Earnings, adjusted for non-recurring costs, were $3.02 a share.

Net income was $114.2 million, up from $37.3 million a year ago. Net sales totaled $9.3 billion, up 11% from a year ago.

"Worldwide sales grew 11% and we achieved high double-digit non-GAAP operating income and earnings per share growth," CEO Rich Hume said in a statement. "In addition, we generated $155 million in cash from operations, earned an adjusted return on invested capital of 12%, paid down $100 million of debt and returned $44 million to our shareholders through share repurchases."

The company forecast fourth-quarter adjusted profit of $3.90 to $4.20 a share, on net sales of $10.5 billion to $10.9 billion,