Tech Data Guides Above

The tech-services company boosts revenue and beats consensus estimates by 9 cents.

Author:: Troy Wolverton
Publish date:: Nov 23, 2004 5:23 PM EST

Tech Data

reported net earnings on Tuesday that jumped 42% in the company's fiscal third quarter and far surpassed the Street's estimates.

The postclose report recently drove up Tech Data's shares $1.08, or 2.52%, to $43.99.

The tech-services company earned $37.81 million, or 64 cents a share, in its most recent period. That was up from $26.52 million, or 46 cents a share in the third quarter last year.

The company's sales rose 8.6% year over year to $4.77 billion.

On average, analysts polled by Thomson First Call were expecting Tech Data to earn 55 cents a share on $4.73 billion in sales in the quarter. The company had predicted that it would earn $30.5 million to $33.5 million, or 52 cents to 57 cents a share, on sales ranging from $4.65 billion to $4.8 billion.

In the fourth quarter, Tech Data expects to earn $42 million to $45 million, or 70 cents to 75 cents a share, on sales ranging from $5.15 billion to $5.30 billion. In comparison, analysts have forecast that the company would earn 69 cents a share on sales of $5.069 billion in the quarter.

Earlier in the day, the company's stock closed regular trading up 22 cents, or 0.5%, to $42.91.