Firm offers $100 million stock buyback

CLEARWATER — Tech Data Corp. has announced a stock repurchase program, an effort to buy back up to $100 million of the company's common stock.

The Clearwater technology wholesale distributor is continuing a decade-long program that has repurchased $1.2 billion, or 44% of the company's stock.

“Our board's decision to authorize another $100 million repurchase program reflects the company's strong financial performance, and our confidence in the long-term growth opportunities for Tech Data,” CEO Robert Dutkowsky says in a release.

The purchases will be made on the open market and through block trades among other programs, the company says.

Tech Data trades on the Nasdaq under the symbol TECD, and closed Wednesday at $62.82 — up slightly from the day before. Tech Data shares have hovered around $60 since the beginning of May, but have traded above $71 over the past year.

Last week, Tech Data announced it would buy Phoenix-based Signature Technology Group for an undisclosed sum. That came two months after the company sold some of its operations in South America, looking to focus more on Miami and Mexico instead.

Tech Data reported a profit of $175.2 million, or $4.59 per share, in fiscal 2015, on revenue of $27.7 billion, according to public filings. That compares to a $179.9 million, or $4.73 per share, profit the year before on revenue of $26.8 billion.