TECD ( $34 -$38) P/E 11 tops Q2 expectations surges A/H
By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 5:23 PM ET Aug. 29, 2001
CLEARWATER, Fla. (CBS.MW) -Tech Data, the world's No. 2 distributor of microcomputer products, on Wednesday topped second-quarter profit expectations and bumped up its third-quarter outlook.
Shares of Tech Data (TECD: news, chart, profile) surged $4.40, or 13.19 percent, to $37.75 on the news in evening trading. In regular trading hours Wednesday, the stock had shed 94 cents to close at $33.35.
The Clearwater, Fla.-based distributor of printers, modems and other computer peripherals reported a second-quarter profit of $13.9 million, or 25 cents per share, compared to a profit of $40.7 million, or 72 cents per share the same period a year ago.
Excluding special charges, the company rang up net income of $27.2 million, or 49 cents per share. Sales fell 17 percent over the same period, to $4.1 billion.
Analysts polled by Thomson Financial/First Call estimated the company would earn 41 cents per share.
During the quarter, Tech Data recorded $20 million in charges stemming from the disposition of supply chain software and soured Internet-related investments.
Tech Data projects it will earn $27 million to $31 million, or 49 cents to 55 cents per share, in the third-quarter. The latest range predicted by analysts was 38 cents to 49 cents per share.
Matt Andrejczak is a reporter for CBS.MarketWatch.com.
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