Softness in the U.S. and Europe is blamed for the distributor's lower-than-expected financial forecast.SEATTLE, Feb 13 (Reuters) - Ingram Micro Inc, the world's largest
computer products distributor, forecast sales and profit in the current
quarter would fall short of Wall Street estimates due to market
weakness in North America and Europe, sending its shares down 4 percent.
For the current quarter, Ingram Micro forecast net income of $63
million to $71 million, or 36 cents to 40 cents per diluted share in
the first quarter ending March 29. The company called for revenue of
between $8.75 billion to $9 billion.
Analysts, on average, had forecast the company would earn 44 cents
per share in the first quarter on sales of $9.11 billion, according to
Reuters Estimates.
"We are experiencing some softness in Europe and North America,
which is reflected in our guidance," Ingram Micro Chief Executive
Gregory Spierkel said in a statement. "We believe our outlook is solid
in light of concerns about the worldwide economic environment."
Ingram Micro beat Wall Street estimates in the most recent quarter.
The company posted a 24 percent rise in quarterly profit due in part to
sharp gains in European and Asian sales.
Fourth-quarter net income rose to $114.1 million, or 64 cents per
diluted share, in the fourth quarter from $91.7 million, or 53 cents
per diluted share, in the year-ago period. Excluding one-time items,
the company earned 61 cents per share.
Sales increased 13 percent to $10.01 billion.
Analysts had forecast fourth-quarter earnings of 60 cents per share
excluding items on sales of $9.86 billion, according to Reuters
Estimates.
In November, the California company said it expected fourth-quarter
earnings of between 58 cents to 61 cents a share on revenue of $9.7
billion to $9.95 billion.
Ingram Micro shares fell to $16.75 in after-hours trading after
closing at $17.49, down 3.37 percent, in regular trading on the New
York Stock Exchange.
(Reporting by Daisuke Wakabayashi, editing by Leslie Gevirtz/Andre Grenon)
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