Restructuring costs for Tech Data's European operations meant a profits fall for the distie giant in Q3.
Net income fell 40 per cent to $23m or 40c a share thanks to $4.8m in restructuring charges and $3.2 million of consulting costs related to the restructuring. Strip out the one-off charges and profit climbs to 53 cents a share, rather better than the consensus analyst forecast of 46c a share for the quarter.
Wall Street reacted favourably with Tech Data shares leaping 14 per cent yesterday, its biggest one day rise since 2001, Reuters reports.
Net sales for the three months were $5.1bn, 6.6 per cent up on same time last year. Tech Data's earnings statement is here. ®