Ingram Beats Expectations in Q2Thursday, July 26, 2012
Santa Ana-based Ingram Micro Inc. reported second quarter results that beat Wall Street expectations.
Ingram, the biggest distributor of computers, software and other technology products in the world, reported revenue of $8.78 billion in the June quarter, about flat from a year earlier.
Analyst on average had forecast sales of $8.64 billion.
Adjusted profits topped $61.3 million, up 2.7% from a year ago.
Wall Street has expected profits of $47.5 million.
The results were released after the close of the market yesterday.
Ingram's shares were up slightly, to a market value of about $2.3 billion, in early trading today.
The company saw record sales in the second quarter in Latin America, while its specialty business lines in North America buoyed overall revenue.
Sales in North America topped $3.8 billion, up 2% from a year ago.
Revenue in Asia Pacific surpassed $2 billion, up 4%.
Latin America sales hit $442 million, up 14%.
Sales slumped 7% to $2.4 billion in Europe, where strong demand in Germany and the U.K. was offset by weak currency trends.
The results marked the third-straight quarter of steady sales for Ingram, which appears to have put most of its operational troubles in Australia behind it.
Problems integrating software and hardware in that region shadowed the company for most of 2011, dragging down sales and earnings along the way.
The company provided some guidance for the current quarter.
It projects to take a $2 million charge for incremental interest costs for bridge financing related to its $840 million cash buy of Indianapolis-based wholesale distributor Brightpoint Inc. in early July.
In the current quarter Ingram projects sales to be flat from the June quarter.
Wall Street expects an adjusted profit of about $67 million on $8.9 billion in revenue.