Tech Data Corporation Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended January 31, 2018; Provides Earnings Guidance for the First Quarter Ending April 30, 2018 and Fiscal Year Ending January 31, 2019
For the year, the company reported net sales of $36,775,011,000 against $26,234,876,000 a year ago. The increase in net sales is primarily due to the addition of Technology Solutions. On a constant currency basis, net sales increased 38%. Operating income was $410,079,000 against $291,902,000 a year ago. Income before income taxes was $299,084,000 against $256,761,000 a year ago. Net income was $116,641,000 or $3.05 per diluted share against $195,095,000 or $5.51 per diluted share a year ago. Non-GAAP operating income was $602,704,000 against $338,934,000 a year ago. Non-GAAP net income was $348,266,000 or $9.11 per diluted share against $225,247,000 or $6.36 per diluted share a year ago. Net cash generated by operations during the fiscal year was $1.1 billion.
For the quarter ending April 30, 2018, the company anticipates worldwide net sales to be in the range of $8.0 billion to $8.3 billion. The company anticipates EPS to be in the range of $0.37 to $0.67 and non-GAAP EPS to be in the range of $1.30 to $1.60. For the quarter ending April 30, 2018, the company anticipates its effective tax rate will be in the range of 27% to 29%. As noted previously, this reflects a reduction of approximately 7% as a result of the new revenue recognition standard. At the midpoint of the sales guidance, the company estimates this represents low-single-digit pro forma growth in constant currency.
For the fiscal year ending January 31, 2019, the company expects its effective tax rate will be in the range of 26% to 28%, primarily related to the decrease in the U.S. federal income tax rate as a result of the U.S. Tax Cuts and Jobs Act. For fiscal 2019, the company anticipates flat to low-single-digit growth in non-GAAP operating income. And finally, the company expects to achieve greater operating leverage, and therefore, significantly more earnings power be realized in the second half of the fiscal year.