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Tech Data sales dip in Q3

November 26, 2019 - Tech Data Corp. (Nasdaq: TECD) reported net sales of $9.1 billion for the third quarter of 2019, a drop of 2 percent compared to the prior-year quarter. Net income was $90.1 million, or $2.52 a share, for the three months ended Oct. 31, compared to net income of $114.2 million, or $2.96 a share in the year-ago period. The quarter ended Oct. 31, 2018 included a $25 million benefit from the collection of an accounts receivable balance previously considered uncollectible, the Clearwater-based IT distributor said in a news release. Tech Data, the largest company headquartered in the Tampa-St. Pete area based on revenue, agreed earlier this month to be acquired by Apollo Global Management, in a deal valued at $5.4 billion that would take Tech Data private.

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