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Monday, November 23, 2009
Tech Data Net Income More Than Doubles
By Steve Gelsi
MarketWatch Pulse
NEW YORK -- Tech Data Corp. on Monday said net income rose to $43.1 million, or 84 cents a share, from $16.8 million, or 33 cents a share in the year-ago period. Sales fell 8% to $5.6 billion, amid an overall decline in spending on information technology. Wall Street analysts expected earnings of 71 cents a share and sales of $5.38 billion for Tech Data, according to a survey by FactSet Research. The prior-year period included a $23.5 million foreign currency exchange loss. "Although the magnitude and timing of an economic recovery remain uncertain, there are clearly signs of an improving outlook," the Clearwater, Fla. company said.
Copyright © 2009 MarketWatch, Inc.
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