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7 years ago
UPDATE 1-Tech Data posts strong results; sees sales growth in Q3
August 19, 2010 / 11:44 AM / 7 years ago

UPDATE 1-Tech Data posts strong results; sees sales growth in Q3

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* Q2 EPS $0.82 vs est. $0.78

* Q2 net sales $5.47 bln vs est. $5.44 bln

* Sees foreign currency to have more effect in H2

Aug 19 (Reuters) - Tech Data Corp (TECD.O) reported quarterly results that beat Wall Street expectations and said it expects demand trends to continue into the third quarter, with sales growth in the Americas and Europe.

However, the technology products distributor said it expects the impact of foreign currencies to have a more pronounced effect on second-half results than the first. The second-quarter sales was hit by a stronger U.S. dollar.

For the second quarter ended July 31, the company's net income was $40.9 million, or 82 cents a share, compared to $35.2 million, or 70 cents a share in the year-ago period.

Net sales rose 5.6 percent to $5.47 billion.

Analysts on average were expecting a profit of 78 cents a share and revenue of $5.44 billion, according to Thomson Reuters I/B/E/S.

The Americas region, which includes North America and Latin America, grew 8.4 percent, while sales in Europe grew 3.2 percent.

Shares of Tech Data, which have risen more than 5 percent since the beginning of this week, closed at $38.67 Wednesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Aradhana Aravindan)

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