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Tech Data Profit Climbs 23%

Written By Trading Forex News on Tuesday, March 2, 2010 | 3:48 AM

Tech Data Profit Climbs 23%
LONDON -- IT products distributor Tech Data said fiscal fourth-quarter to Jan. 31 net income rose 23% to $70 million, or $1.35 a share, as sales rose 10% to $6.28 billion, mostly on the strengthening of foreign currencies vs. the dollar. The quarter included a 10 cents a share benefit from a reversal of a deferred tax valuation allowance in Europe. Assuming the recent signs of improving IT demand continue, combined with the impact of certain foreign currencies against the U.S. dollar, net sales for the first quarter are expected to increase in the mid single-digit range year-over-year. Analysts polled by FactSet expected earnings of $1 a share on sales of $6.02 billion. Analysts had pegged first-quarter sales at $5.5 billion, which is up 10% from the prior-year period.

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