Tech Data Q2 profit above estimates

Tech Data Corp reported a quarterly profit that handily beat expectations on stronger foreign currencies and a 30 per cent growth at its European business, and forecast a mid-single digit sales growth for the third quarter.The technology products distributor said potential charges related to tax probes at its Brazil unit could hurt results in the future.Tech Data , which distributes products made by Apple Inc and Hewlett-Packard Co among others, said it may see some slowdown in spending, but expects overall demand for technology products to remain stable. “I don’t think anything is typical anymore in this environment,” Chief Executive Bob Dutkowsky said on a conference call with analysts. Smartphones and tablets sold well despite the macroeconomic issues plaguing Europe, while servers, notebooks and desktops were top sellers in the commercial space. The company is not expecting a rebound in federal spending in the Americas, but expects stable spending at its healthcare specialty business.Tech Data’s third-quarter forecast suggests a revenue level modestly above the current consensus of $6.6 billion, Barclays Capital analyst Ben Reitzes said in a note. From / Gulf Today