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CLEARWATER — Tech Data Corp. (symbol: TECD) saw its quarterly net sales increase to $6.4 billion in the second quarter, up 18% over the year. The firm generated $78.8 million in operating income from those sales, up 20%.
Investors appeared pleased with Tech Data's latest results in early trading Thursday, pushing the company's stock price up above $44 a share at one point. A year ago, Tech Data's stock traded for roughly $38 a share.
In a company statement, Tech Data CEO Robert Dutkowsky says his firm is delivering value to shareholders beyond that created from sales growth by repurchasing shares of the company's common stock. The firm has spent $200 million buying back its own shares so far in 2011, Dutkowsky says, and has spent roughly $800 million on share repurchasing since 2005.
As for next quarter's performance, Dutkowsky says, “We remain confident in our ability to achieve our stated goals of double-digit operating income and earnings growth.”
Tech Data Corp. is a wholesale distributor of technology equipment. It generated $24.4 billion in net sales in its 2010 fiscal year.
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