Ingram Beats 4Q Expectations, But Notes 'Softness' For 1Q

The Santa Ana, Calif.-based distributor said it is "experiencing some softness in Europe and North America," but said Latin America and Asia remain strong.

"We believe our outlook is solid in light of concerns about the worldwide economic environment," said CEO Greg Spierkel in a statement. "Our focus during the quarter will be on tightly managing expenses while continuing to cultivate areas that will drive growth. I'm confident that our team will continue to perform, as we have proven our ability to excel in challenging markets."

The company earned $114.1 million, or 64 cents per diluted share, on sales of $10.01 billion in the quarter ended Dec. 29, 2007. Analysts had expected earnings of 60 cents per share, according to Thomson First Call. The results compared to earnings of $91.7 million, or 53 cents per share, on $8.85 billion in sales for the year-ago quarter.

For the 2007 fiscal year, Ingram earned $275.9 million, or $1.56 per share, on $35.05 billion in sales. In 2006, the company earned $265.8 million, or $1.56 per share, on $31.36 billion in revenue.

The distributor expects to earn $63 million to $71 million in the first fiscal quarter, or 36 to 40 cents per share, on sales between $8.75 billion and $9 billion. Analysts had expected net income of 44 cents per share and revenue of $9.11 billion, according to Thomson First Call.

North American sales in the fourth quarter were $3.38 billion, a 4 percent increase from the year-ago quarter and accounting for 38 percent of total revenue.

Sales of Ingram Micro closed at $17.49, down 61 cents or 3.4 percent, on Wednesday.