Tech Data posts higher 1Q net income, sales

CLEARWATER, Fla. (AP) - Technology products distributor Tech Data Corp. said Friday its fiscal first-quarter net income jumped 44 percent, boosted by stronger demand and a focus on managing costs.

CEO Robert M. Dutkowsky said the results were boosted by a "stronger demand environment combined with our strict focus on targeting more profitable business, along with disciplined cost management."

He said he expects positive demand to continue in the second quarter.

For the three months ended April 30, the company earned $45.6 million, or 88 cents per share, up from $31.8 million, or 63 cents per share, a year earlier.

Revenue rose 13 percent to $5.62 billion from $4.99 billion a year ago.

Analysts, on average, were expecting a profit of 75 cents per share on lower revenue of $5.36 billion, according to a poll by Thomson Reuters.

Its shares rose 87 cents, or 2.2 percent, to $40.34 in morning trading.