Tech Data Corp. Q2 Profit Declines

(RTTNews) - Tech Data Corp. (TECD) Thursday announced a sharp decline in second quarter net profit to $46.4 million from $76.4 million in the prior year. On a per share basis, earnings decreased to $1.31 to $2.09 per share last year. On an adjusted basis, earnings were $50.3 million or $1.42 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $1.43 per share. Analysts estimates usually excludes special items.

Revenue for the quarter were $6.353 billion, down 3 percent from $6.580 billion in the prior year. Wall Street expected $6.64 billion.

Looking ahead to the quarter ending October 31, the company expects worldwide net sales to be in the range of $6.25 billion to $6.45 billion. This guidance assumes year-over-year constant currency net sales growth of flat to low-single-digits in both region.Wall Street expects revenue of $6.55 billion.