Tech Data posts jump in 3Q net, tops expectations-Tops

CLEARWATER, Fla.

Tech Data Corp. posted a 17 percent jump third-quarter earnings Monday, pointing to "solid demand for technology products in both the Americas and Europe."

The company, which distributes information technology equipment, booked net income of $50.5 million, or $1.07 per share, for the three months that ended Oct. 31. That's up from $43.1 million, or 84 cents per share, in the same quarter a year ago.

Revenue climbed 9.2 percent to $6.16 billion from $5.64 billion.

The results topped expectations from Wall Street analysts, who had projected earnings of 95 cents per share on revenue of $5.79 billion, according to Thomson Reuters.

"Looking ahead to the fourth quarter, we expect solid demand trends to continue and sales could exceed historical seasonal patterns," Tech Data CEO Robert M. Dutkowsky said in a statement.

The company's stock rose $1.88, or 4.3 percent, to $45.89 in afternoon trading