Ingram Micro Adjusts 4Q Revenue Forecast
The distributor now expects revenue to be at the low end of its previously announced range of $5.75 billion to $5.9 billion, according to Kent Foster, chairman and CEO.
"Our intense focus on improving profitability continues to drive bottom-line results," Foster said. "As reported by industry analysts and our peers, the demand environment in North America is a bit softer than we originally expected. Rather than chase unprofitable sales, however, we are concentrating on protecting our margins through disciplined pricing and by generating fee-based revenues."
Ingram Micro expects fourth-quarter net income of between $26 million and $29 million, or 17 cents to 19 cents per share, before special charges, similar to what the company announced Oct. 29.
The distributor plans to report its fourth-quarter results in late February 2003.
Ingram Micro shares closed Monday at $12.39, down 61 cents, or 5 percent.