Ingram Micro beat Wall Street expectations for both earnings and sales for the second quarter ended July 3, posting a 24 percent revenue increase and a 167 percent increase in profits.
CEO Greg Spierkel said in a statement that every region performed well and progress was helped by “expanded solutions in key adjacency areas such as data capture/point of sale and data-center support.”
Ingram Micro reported $8.16 billion in sales, compared to $6.58 billion in the year-ago quarter. The Santa Ana, Calif.-based distributor also reported $67.7 million in profit, or 41 cents per diluted share. In the year-ago quarter, Ingram earned $25.3 million or 15 cents per share.
Analysts had expected earnings of 37 cents per share on $7.90 billion in sales, according to Thomson Reuters. "Our ability to generate robust sales growth while controlling operating expenses resulted in significant operating leverage, driving net income and EPS to the highest second-quarter levels in our history," Spierkel said in a statement. “We are excited by the opportunities ahead as we continue to successfully execute against our plan to the benefit of our customers, vendor partners and shareholders."
Sales in North America increased 30 percent to $3.56 billion, while EMEA sales grew 18 percent to $2.37 billion. Sales in Asia-Pacific increased 24 percent to $1.87 billion and Latin America revenue grew 12 percent to $360 million.
Spierkel said third-quarter revenue should be flat sequentially, in line with normal historical seasonality. Analysts are forecasting $8.12 billion in sales for the third quarter.
“Year-over-year sales comparisons are expected to be more modest than the prior two quarters, as our energized sales efforts had a positive effect starting in the third quarter of last year,” Spierkel said in a statement. "Based on our success in the first half of 2010, I am excited about our prospects for the balance of the year. We've made substantial progress with our strategy, building expertise in high-demand and advanced-technology market segments while improving our core business.”
Ingram Micro shares closed at $16.17 Thursday, down 28 cents or 1.7 percent.