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CLEARWATER -- Tech Data Corp. (symbol: TECD) once again posted new records for third quarter performance with this year's sales numbers. The technology distributor generated $6.6 billion in sales, up 7% over the year.
Operating income grew 10.6%, to $89.6 million, and net income grew 6% to $53.5 million, or $1.26 per share, according to a company release.
Despite the record results, however, Tech Data's third quarter results fell below investor expectations. According to Zacks, Wall Street analysts were expecting a net income per share of $1.27, and $6.75 billion in revenues. As a result, shares of Tech Data's stock fell more than 3% in early Monday trading, to a roughly $46 per share. (A down market could also be dragging on Tech Data's share price; at 1:00 p.m. the Dow Jones was down more than 2.5%.)
Dutkowsky spoke to the Business Review for a feature story in last week's print edition (see "Get Aggressive," Nov. 18).
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