Tech Data shares soar 19% after earnings blow past estimates [MarketWatch]
TECH DATA (TECD)
Last tech data earnings: 3/5 06:00 am
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Source: MarketWatch
Tech Data shares soar 19% after earnings blow past estimates Tech Data Corp. shares TECD, +18.55% soared more than 19% Thursday, after the distributor of tech products posted stronger-than-expected earnings for its fiscal second quarter. Clearwater, Fla.-based Tech Data said it had net income of $79.3 million, or $2.16 a share, in its second quarter to July 31, up from $75.9 million, or $1.97 a share, in the year-earlier period. Adjusted per-share earnings came to $2.69, well ahead of the $2.29 FactSet consensus. Sales rose 2% to $9.092 billion from $8.886 billion, also ahead of the $8.711 billion FactSet consensus. The company is now expecting third-quarter sales to range from $9.2 billion to $9.5 billion and for EPS to range from $2.33 to $2.63. Adjusted EPS is expected at $2.85 to $3.15. The FactSet consensus is for third-quarter EPS of $2.85 and sales of $9.2 billion. Shares have gained 19% in 2019, while the S&P 500 SPX, +1.27% has gained 16%.
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