Tech Data misses 4Q profit forecasts

CLEARWATER, Fla. (AP) _ Tech Data Corp. (TECD) on Thursday reported fiscal fourth-quarter profit of $1.3 million.

The Clearwater, Florida-based company said it had profit of 3 cents per share. Earnings, adjusted for pretax expenses and costs related to mergers and acquisitions, were $3.50 per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.53 per share.

The information technology products distributor posted revenue of $11.09 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $10.54 billion.

For the year, the company reported profit of $116.6 million, or $3.05 per share. Revenue was reported as $36.78 billion.

For the current quarter ending in May, Tech Data expects its per-share earnings to range from $1.30 to $1.60.

The company said it expects revenue in the range of $8 billion to $8.3 billion for the fiscal first quarter.

Tech Data shares have risen roughly 10 percent since the beginning of the year. The stock has climbed 15 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TECD at https://www.zacks.com/ap/TECD