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TechData on Target

It raises sales guidance.
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TechData (TECD) - Get Tech Data Corporation Report beat third-quarter targets and guided higher on sales for the fourth quarter.

The Clearwater, Fla., information technology distributor made $9.6 million, or 18 cents a share, for the quarter ended Oct. 31, down from the year-ago continuing operations profit of $22 million, or 38 cents a share. Sales rose to $5.43 billion from $5.07 billion a year earlier.

Excluding certain costs, latest-quarter earnings were 33 cents a share. Analysts surveyed by Thomson Financial had been looking for a 22-cent profit on sales of $5.17 billion.

"The third-quarter results exceeded our expectations, driven by revenue growth in EMEA and solid performance in the Americas," said CEO Robert M. Dutkowsky. "The conclusion of our EMEA restructuring program will allow us to focus more intently on new opportunities with our business partners and customers."

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TechData said it expects fourth-quarter sales of $5.75 billion to $5.9 billion, above the $5.67 billion Wall Street estimate.