Ingram Micro Quarter Beats EstimatesBy Reuters | Posted 2010-07-30 Email Print
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IT distribution giant Ingram Micro more than doubled net income for its second quarter year over year and reported higher than expected sales, but said revenue in the current quarter would likely be flat sequentially.
LOS ANGELES, July 29 (Reuters) - Ingram Micro Inc (NYSE:IM) reported higher-than-expected sales and profit on Thursday, but the company said it expects revenue in the current quarter to be flat sequentially.
The world's largest technology distributor reported a second-quarter net income of $67.7 million, or 41 cents per share, more than double the $25.3 million, or 15 cents per share, in the year-ago quarter.
Excluding items, it earned 44 cents per share. Analysts' average forecast was 37 cents, according to data from Thomson Reuters I/B/E/S.
Ingram Micro said its net income and EPS reached the highest levels for any second quarter.
"Every region performed well, with our two largest regions doubling and tripling operating profits on double-digit sales growth," Ingram Micro Chief Executive Gregory Spierkel said in a statement.
Sales rose 24 percent to $8.2 billion. Analysts, on average, had expected $7.9 billion.
The company, which sells hardware and software from Hewlett-Packard Co (HPQ.N), International Business Machines Corp (IBM.N), Microsoft Corp (MSFT.O) and others, said it expects revenue to be flat sequentially in the current quarter.
Shares in Santa Ana, California-based Ingram Micro fell 0.4 percent in after-hours trading from their close of $16.17 on the New York Stock Exchange. (Reporting by Alex Dobuzinskis: Editing by Richard Chang)