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UPDATE 1-Tech Data Q3 beats; says demand to continue in Q4
November 22, 2010 / 1:14 PM / in 7 years

UPDATE 1-Tech Data Q3 beats; says demand to continue in Q4

* Q3 EPS $1.07 vs est $0.95

* Q3 rev $6.16 bln vs est $5.79 bln

Nov 22 (Reuters) - Technology distributor Tech Data (TECD.O) posted quarterly results above Wall Street estimates, helped by strong demand in Europe and the Americas, and said it expects the demand trends to continue in the fourth quarter.

“(Fourth-quarter) sales could exceed historical seasonal patterns, primarily in the Americas,” Chief Executive Robert Dutkowsky said in a statement.

August-October net income attributable to shareholders rose to $50.5 million, or $1.07 a share, from $43.1 million, or 84 cents a share, a year ago.

Sales for the company, which distributes products of Hewlett-Packard Co (HPQ.N) and Apple (AAPL.O), rose 9 percent to $6.16 billion.

Analysts were looking for earnings of 95 cents a share, before special items, on revenue of $5.79 billion, according to Thomson Reuters I/B/E/S.

Net sales in Europe, which contributed 56 percent to the total sales, rose about 9 percent to $3.46 billion, while sales in the Americas grew 10 percent to $2.70 billion.

Tech Data’s larger competitor Ingram Micro IM.N posted quarterly results that marginally beat market expectation, late October.

Shares of Clearwater, Florida-based Tech Data, which have gained 15 percent of their value since the company reported second-quarter results, closed at $44.01 on Friday on Nasdaq. (Reporting by Swati Chitnis in Bangalore; Editing by Maju Samuel)

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