IT distributor Tech Data saw shares rise more than three per cent on Wall Street yesterday after it posted strong fourth quarter results and a positive sales outlook.
The firm said it expects revenue in the first quarter, which ends 30 April, to be between $5.65bn and $5.8bn – ring-fencing analyst predictions of $5.71bn.
It reported Q4 adjusted earnings of 96 cents a share and said net sales for the quarter ended 31 January rose to $6.48bn from $6.12bn in the same period a year earlier.
Net income was up 39 per cent to $50.2m, or 92 cents per share, from $36.1m, or 66 cents per share, while total sales grew 5.8 per cent to $6.5bn.
The company also reported its full year results. It said it had moved out of the red posting net income of $108.3m compared with a loss of $97m for the previous year. Sales increased more than nine per cent to $23.4bn.
"As we proceed into fiscal 2009, the economic environment remains an important consideration, but we remain cautiously optimistic," said Tech Data CEO Robert Dutkowsky.
Tech Data stock was up more than three per cent with shares closing at $34.24 on Nasdaq yesterday. ®