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Ingram Doubles Q2 Profits, Outlook In Line

Santa Ana’s Ingram Micro Inc., the top distributor of computers, software and consumer electronics, on Thursday gave an in-line sales outlook for the current quarter on the tail of second-quarter results that topped Wall Street’s expectations.

For the three months through July 3, Ingram reported sales of $8.16 billion, up 24% from a year earlier and beating analysts’ expectation of $7.9 billion.

Excluding charges for income taxes, restructuring and other costs, the company posted $68 million in profits, more than double a year earlier and beating analysts’ expected $61 million in profits.

During the quarter, the company purchased some 9 million shares for $152 million, completing two stock buyback programs that tallied $400 million in all.

Ingram has repurchased more than 24 million shares during the past three years.

The company ended the second quarter with $762 million in cash.

Chief Executive Greg Spierkel said he expects Ingram’s third-quarter sales to come in at around $8 billion, up roughly 10% from what Ingram saw in the third quarter of 2009 and in line with analysts’ expectations.

“For the third quarter, we expect revenues to be generally flat sequentially, in line with normal historical seasonality,” Spierkel said. “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.”

It didn’t give a profit outlook.

For the current quarter, analysts are expecting Ingram to see $65 million in adjusted profits on $8.12 billion in sales.

Ingram Micro’s shares were flat to down 1% in afterhours trading on a recent market value of $2.7 billion.

Ingram is the biggest company of any type in Orange County with yearly sales of $30 billion.

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