Tech Data tops 4Q estimates

Tech Data topped analysts' estimates in its fourth quarter Wednesday, posting a profit of $37.1 million, or 67 cents a share, on record sales of $4.8 billion.

First Call consensus pegged it for a profit of 66 cents a share in the quarter.

Ahead of the earnings report, Tech Data (Nasdaq: TECD) shares closed off 13/16 to 29.

The $4.8 billion in sales marks a 24 percent improvement from the year-ago quarter when it earned $34.5 million, or 64 cents a share, on sales of $3.9 billion.

For the fiscal year, Tech Data raked in $127.5 million, or $2.34 a share, on sales of $17 billion, up 47 percent from fiscal 1999 when it pocketed $119.4 million, or $2.29 a share, on sales of $11.5 billion.

"We concluded the fiscal year with exceptional results," said CEO Steven Raymund in a prepared release. "Throughout the year we outperformed our competition and met our objectives. Tech Data's market position has never been stronger.

In the quarter, Tech Data's U.S. sales jumped 39 percent from the year-ago quarter while sales into Europe and other international markets grew 7 percent and 78 percent, respectively.

U.S. sales accounted for 47 percent of the company's total sales in the quarter.

By segment, peripheral sales jumped 31 percent from the same period last year while systems sales and networking sales rose 25 percent and 17 percent, respectively.

Tech Data shares soared to a 52-week high of 44 11/16 in July after falling to a low of 17 1/4 last March.

First Call consensus expects it to earn $2.80 a share in fiscal 2001.

Thirteen of the 15 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.