Ingram Beats Profit Target, Revenue in Line with EstimatesThursday, April 26, 2012
Santa Ana-based Ingram Micro Inc. on Thursday reported first quarter revenue in line with Wall Street expectations and adjusted profits that topped estimates.
Ingram, the biggest distributor of computers, software and other technology products in the world, reported sales of $8.64 billion in the March quarter, down 1% from a year earlier and in line with Wall Street consensus.
Adjusted profits before tax benefits and charges topped $64.5 million.
Analysts on average had forecast an adjusted profit of $58.5 million.
The company saw record sales in the first quarter in Latin America and Asia Pacific, while its specialty business lines in North America buoyed overall revenue.
Sales in North America topped $3.5 billion, up 3% from a year ago.
Revenue in Asia Pacific surpassed $1.9 billion, up less than 1%.
Latin America sales hit $431 million, up 6%.
This is the second consecutive quarter of stable sales, which should quell some lingering concerns that shadowed the company for most of 2011 as it dealt with major software and hardware integration problems at its Australia operations.
“We opened the year well and we are beginning to reap the rewards from our efforts on many fronts,” said Chief Executive Alain Monie. “We still have areas for improvement and I look forward to building on our momentum and driving continued execution towards our strategic and financial goals.”
In the current quarter Ingram projects sales to be flat or slightly up from the March quarter.
Wall Street expects an adjusted profit of $60 million on $8.7 billion in revenue.