Tech Data profit jumps 10 percent in FY 2020
March 5, 2020 - Clearwater-based IT distributor Tech Data Corp. (Nasdaq: TECD) reported $374.5 million in net income, or $10.27 a share, on revenue of $37 billion for fiscal year 2020, ended Jan. 31. Net income was up 10 percent from the previous year while per-share earnings jumped 16 percent. Revenue was down 1 percent, with sales up in the Americas and in Asia but down in Europe, a news release said. The news release did not mention the potential impact of coronavirus, although the company posted a notice on its website that it is monitoring the outbreak and doing everything possible to mitigate service disruptions to channel partners, including working with vendors to ensure it has adequate supply to accommodate potential disruptions from China. The earnings report is likely to be one of the last from Tech Data, the largest public company headquartered in the Tampa Bay area. A pending $6 billion acquisition by Apollo Global Management is on track to close by the end of June, when Tech Data will become a privately owned company.