Santa Ana-based Ingram Micro Inc. after the close of trading today reported first-quarter revenue that just beat Wall Street expectations, and adjusted profits that narrowly missed estimates.
The company, which operates under razor-thin margins, recorded revenue of $10.6 billion in the recently ended quarter, up 2.5% from a year earlier. Analysts on average had forecast sales of $10.56 billion.
Adjusted profits hit $68 million, or 43 cents per share, roughly flat from a year ago. Wall Street was looking for of 44 cents per share.
The company said the fluctuation in foreign currency rates against the U.S. dollar affected sales by 8%, or roughly $848 million, and 4 cents per share, or about $6.2 million, compared to the same quarter a year ago.
Ingram Micro is the world’s largest distributor of computers, software and other technology products, with sprawling operations around the globe.
The company said it projects second-quarter revenue to be about $10.9 billion, flat from the June quarter last year, and above Wall Street estimates of $10.83 billion.
Adjusted profits are projected to be between $78.1 million and $90.6 million, in the low range of analyst expectations of $89.7 million.
Ingram Micro’s shares are up about 80 cents in after-hours trading to a market value of about $4 billion.
