Tech Data (TECD) Net Income Rises 43%

IT products distributor Tech Data Corporation TECD announced on Friday morning that it surpassed consensus Wall Street estimates. Tech Data Corporation reported that its 1st quarter fiscal 2011 net income climbed 43.7% to $45.6 million, or 88 cents per share, up from $31.8 million, or 63 cents per share, a year earlier. The company's net sales rose 12.6% to $5.6 billion, up from $5 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 75 cents per share.