Tech Data managed to finish its fiscal year that wound up at the close of January delivering growth despite the currency issues that have had an impact on all US firms trading globally.
The distributor delivered a net sales increase of 3% year-on-year to $27.7bn and it would have been 5% if the strength of the dollar had been taken out of the equation.
Europe delivered 62% of the sales and saw its revenues improve by 4% on the year before with $17.3bn, ahead of the Americas which produced net sales of $10.4bn. Net income came in at $175.2m, down from $179.9m in the previous fiscal year.
The channel player managed to trim its operating expenses over the course of 2014 and has also drawn a firm line under financial reporting issues that cast a shadow over the start of its last fiscal year.
The distributor is also going to take a $75m hit in net sales in the first quarter of its 2015 fiscal year as it offloads operations in Chile, Peru and Uruguay and has warned that currency issues with the dollar might continue for a while yet.
Robert Dutkowsky, Tech Data CEO (pictured), said that it had finished its fiscal year in a strong position with profitable revenue growth and improved earnings and had made "considerable progress on a number of operational fronts".
“For the fiscal year, we also earned a return on invested capital of 11% – more than 200 basis points above our weighted average cost of capital. In addition, we recently completed the $100m share repurchase authorization announced in December, bringing our cumulative repurchases to $1.2bn since fiscal year 2006, or nearly 44% of total shares issued. I am proud of our team’s achievements in fiscal year 2015, but we have now turned our attention to the many opportunities that lie ahead," he added.