Tuesday, November 26, 2002
Tech Data posted a third-quarter net profit on declining revenue and said fourth-quarter sales will miss targets. The second largest computer distributor reported net income of $32.8 million, or 57 cents a share with revenue of 3.8 billion, for its third quarter that ended Oct. 31. That compares with $28.5 million with revenue of 4.2 billion, or 51 cents a share, in the same period last year.
It expects fourth-quarter earnings of $31 million to $34 million, or 53 cents to 58 cents a share, on sales of $3.8 billion to $3.95 billion. Fourth-quarter sales forecasts from analysts surveyed by First Call range from $4 billion to $4.5 billion.
Third-quarter sales rose 3 percent in Europe, helped by the positive impact of translating foreign currencies into U.S. dollars, offsetting an 18 percent plunge in the U.S. market, its largest operation.
Sales to Latin America and Canada, which account for only 6 percent of its total revenue, fell 17 percent.
The company said the computer peripherals business for products such as printers represented 43 percent of its total third-quarter sales.
By: DocMemory
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