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23 Nov 2009
Computer 2000 parent Tech Data has beaten Wall Street expectations for a fourth consecutive quarter as it reported seeing some green shoots of recovery.
The NASDAQ-listed broadliner saw revenue rise 8.8 per cent sequentially in the three months 31 October to $5.6bn (£3.4bn), topping the consensus of analysts.
Although revenues were down 8.1 per cent on an annual comparison, Tech Data expects to log low- to mid-single-digit year-on-year growth in the final quarter of 2009 as the economic recovery takes hold.
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“Although the magnitude and timing of an economic recovery remain uncertain, there are clearly signs of an improving outlook,” said Tech Data chief executive Robert Dutkowsky.
Group operating profit rose slightly to $66m, which Dutkowsky put down to disciplined pricing, cost control and working capital management practices, as well as expansion of its IT solutions portfolio. Net profit attributable to shareholders more than doubled to $43.1m.
The Americas and Europe performed roughly in line with each other. Net sales of $3.18bn on this side of the Atlantic were 5.7 per cent down on last year and accounted for 56 per cent of the total haul.
Operating profit from the region more than doubled to £79.6m.
“Our third-quarter results exceeded our expectations for the fourth consecutive quarter, validating the power of our business model and the strength of our leadership team,” concluded Dutkowsky.
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