Tech Data Corporation has beaten analyst expectations for the third quarter 2001, the company has announced. The results put Tech Data ahead as one of the few strong performers in the tech segment last year, a strength it attributed to flexibility on cost structure and demand, and reductions in levels of debt and inventory in the channel.Chairman and chief executive officer Steve Raymund welcomed the results. “We continued to do extremely well during the second quarter, delivering solid results despite the weak economic conditions,” he said. “Tech Data has what it takes to work through the challenges and emerge as an even stronger market leader when the recovery occurs.”The company posted quarterly sales of $4.2 billion to the end of October 2001, a 35% growth on the same quarter in the previous year. Net income was $33.1 million. The strong performance earned Tech Data the number three spot on BusinessWeek magazine’s InfoTech 100 list of IT companies, with services and distribution companies showing best results in the IT sector overall.Steve Lockie, managing director of Tech Data FZ-LLC said the result made the future for operations encouraging. “This is great news for Tech Data and its partners in the Middle East,” he said. “It translates into continuous support to Tech Data’s operations in the Middle East, the success of our dynamic business model that we benchmark from our parent company and the confidence and security that we provide to our business partners.”
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