Ingram Micro posted higher profits for its first quarter but says softness in the Americas and Europe put pressure on those regions and the company will restructure operations in EMEA. LOS ANGELES, April 24 (Reuters)—Ingram Micro Inc (IM.N: Quote, Profile, Research) posted higher profits on Thursday, but said it was restructuring operations Europe, Middle East and Africa to generate about $18 million to $24 million in annual savings.
Ingram Micro said higher revenues and the positive impact of stronger foreign currency translations, helped first-quarter results, but that softness in Europe and North America was exerting pressure on its operations in those regions.
First-quarter net income rose to $64.1 million, or 37 cents per share, from $37 million, or 21 cents per share, a year earlier. The year-ago figures included a charge of $33.8 million, or 19 cents a share.
Revenues rose 4 percent to $8.58 billion
(Reporting by Sue Zeidler, editing by Richard Chang)
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