Tech Data Corporation, a company that distributes wholesale technology products yesterday reported their fiscal second quarter 2017 financial results.
Tech Data reported adjusted second quarter earnings of $1.74 per share which fell short of analyst expectations of $2.06 per share. Tech Data reported second quarter revenues of $8.8 billion which beat analyst expectations of $8.71 billion.
Tech Data Corporation CEO’s Comments
“Our fiscal 2018 first-half results clearly show the enhanced earnings and cash-generating power of the new Tech Data. In Q2, worldwide sales exceeded plan and our teams maintained disciplined cost controls; however, we did not deliver the earnings we expected in the quarter,” said Robert M. Dutkowsky, chairman, and chief executive officer. “Tech Data is a stronger company today than it was a year ago. With the addition of Technology Solutions, we now have a richer portfolio of advanced technology vendors and customers, along with deeper skills to serve them. At the same time, we continue to accelerate the expansion of our capabilities in next-generation technologies. Our integration is progressing as planned and we are on track to deliver our synergy and debt reduction targets.” PR Newswire
TECD Technical Analysis
TECD opened trading yesterday at $109.97 which was up from the previous day’s trading close of $109.53. TECD closed trading yesterday at $110.29 and spiked down after market to $89.01, equivalent to a 19% decrease from the closing price. Taking a look at the daily chart we can see the last time TECD traded below these levels we have to go back to April 13th when it traded at lows of $88.32.
Taking a closer look at the daily chart we can see that before the spike down TECD had been in an overall upward trend dating back to November 10th, 2016 when it traded at $75.54. TECD has a float of 37.60 million shares and traded 2.22 times the normal daily trading volume on Thursday.
