Ingram Micro Earnings Beat Expectations

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Ingram Micro beat Wall Street earnings estimates by a penny for its second quarter ended July 3, earning $25.9 million, or 16 cents per diluted share.

That was up from the $11.5 million, or 8 cents per share, the Santa Ana, Calif.-based distributor earned in the year-ago quarter.

Ingram Micro reported sales of $5.72 billion for the quarter, an 11 percent increase over last year's $5.17 billion in sales. The was Ingram Micro's highest second-quarter sales since 2001.

"We're pleased to deliver another quarter of double-digit year-over-year growth," said Kent Foster, chairman and CEO, in a statement.

Ingram Micro's North American sales were up 9 percent to $2.8 billion; European sales were up 18 percent to $2.11 billion; Asia-Pacific sales were down 2 percent to $558 million; and Latin America sales were flat at $246 million.

Ingram Micro's gross margin was 5.45 percent in the quarter, one basis point better than the year-ago quarter.

In the current quarter ending Oct. 2, Ingram Micro expects net income between $25 million and $30 million, or 16 cents to 19 cents per diluted share, on revenue ranging from $5.7 billion to $5.9 billion. Analysts' projected estimates average 18 cents per share on $5.84 billion in sales.

"Demand has been generally stable in all of our regions," Foster said. "We expect competition in North America to remain intense in the short term, yet we're confident that our new customer programs and growth initiatives will give us a market advantage when fully implemented."

Shares of Ingram Micro closed at $13.74 Thursday, up 48 cents, or 4 percent per share.

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