Tech Data Corporation announced unaudited consolidated financial results for the fourth quarter and full year ended January 31, 2018. For the quarter, the company reported net sales of $11,092,529,000 against $7,427,510,000 a year ago. The increase in net sales is primarily due to the addition of the Technology Solutions business acquired from Avnet Inc. on February 27, 2017 ("Technology Solutions"). On a constant currency basis, net sales increased 40%. Operating income was $151,903,000 against $103,117,000 a year ago. Income before income taxes was $124,739,000 against $88,823,000 a year ago. Net income was $1,260,000 or $0.03 per diluted share against $78,822,000 or $2.22 per diluted share a year ago. Non-GAAP operating income was $215,951,000 against $122,149,000 a year ago. Non-GAAP net income was $134,726,000 or $3.50 per diluted share against $87,011,000 or $2.45 per diluted share a year ago. Net cash generated by operations during the quarter was $657 million.

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.