Tech Data boosts profit in first quarter as revenue falls

Tech Data's stock surged 10 percent Thursday on news it boosted profits in what many assumed would be a tough quarter. The Clearwater information technology supplier reported net sales of $4.99 billion for its first quarter ending April 30. That's 17.7 percent below sales of $6.06 billion a year earlier. But cost-cutting helped raise profits to $31.8 million from $21.4 million at the end of the first quarter in 2008. Earnings per share came in at 63 cents, compared with 40 cents last year. At the end of trading Thursday its shares traded at $32.50.