IT distribution giant Tech Data Corp reported strong results for the second quarter as it continued to focus on select customers and vendors and move away from less-profitable or more resource-consuming business.
"This strategy has served us exceptionally well for the last several quarters, significantly improving the quality of our vendor and customer portfolios, delivering select market-share gains, meaningful operating margin expansion, record earnings and industry-leading return on capital employed," said CEO Robert Dutkowsky.
Tech Data reported income of $40.9 million in the fiscal quarter ended July 31, up from $35.2 million, with revenue up 5.6% to $5.5 billion
Sales in the Americas were $2.60 billion, an increase of 8.4 percent from the prior-year quarter. Sales in Europe were $2.87 billion, a 3.2 percent increase.
"Despite various macroeconomic uncertainties at the start of the quarter, the IT market grew at a good pace in both of our regions, allowing us to continue our focus on net revenue growth," Dutkowsky said in the statement.