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CLEARWATER, Fla. - Information technology products distributor Tech Data Corp. said Tuesday that its fiscal third-quarter profit sank as the company logged a large loss related to foreign currency exchange.
| TECD | 19.28 |  -0.22 |
Tech Data shares declined 82 cents, or 5 percent, to $15.65.
For the quarter ended Oct. 31, Tech Data reported net income of $18.4 million, or 37 cents per share, down 55 percent from $40.9 million, or 73 cents per share, in the year-earlier period.
The company's revenue rose 3.6 percent to $6.14 billion from $5.92 billion.
Analysts polled by Thomson Reuters expected a profit of 63 cents per share on $6.17 billion in revenue.
Tech Data reported a $23.5 million loss from foreign currency exchange. This compares with a gain of $2.4 million the company reported in the year-earlier quarter.
Tech Data said that given the broader economic environment and foreign currency volatility, it is not giving a sales outlook.
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