Computing distribution giant Ingram Micro reported double-digit net income growth on strong sales for its third quarter.
The Santa Ana, Calif. company earned net income of $72.4 million or 41 cents per diluted share, a 24 percent increase over the same period a year ago.
Sales grew by 15 percent to $8.61 billion, from $7.51 billion for the same quarter last year. Ingram Micro said that the translation impact of stronger foreign currencies had a positive impact of about 5 percentage points on the comparisons to the prior year.
Like competitors Arrow and Avnet that also announced earnings this week, Ingram Micro pointed to strength abroad contributing to the company's solid results during the quarter.
"Our record sales were driven primarily by robust growth in Asia-Pacific and Europe," Ingram Micro CEO Gregory M. Spierkel said in a statement. "Both regions achieved third-quarter records in sales and operating income."
Spierkel noted that North America and Latin America operations both posted meaningful revenue growth, consistent with investments in expansion initiatives.
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