UPDATE: Tech Data Posts Upbeat FQ4 Profit

Tech Data Corp

reported a 30% drop in its fiscal fourth-quarter earnings. Tech Data's quarterly profit fell to $54.1 million, or $1.29 per share, from $77.3 million, or $1.63 per share, in the year-ago period. Excluding items, Tech Data's adjusted earnings came in at $1.75 per share. Its net sales fell 0.1% to $7.11 billion. Analysts were expecting earnings of $1.66 per share on revenue of $7.16 billion. Tech Data shares fell 0.77% to $57.00 in pre-market trading.