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Santa Ana-based Ingram Micro Inc. saw shares rise about 10% in Friday trading after it reported slightly higher second-quarter adjusted profits yesterday that also beat analyst estimates, though revenue missed analyst forecasts.
The company posted revenue of $10.6 billion, down 3% from a year ago and missing analyst forecasts of $10.9 billion. Adjusted profits topped $88 million, or 55 cents per share, up 2% from a year earlier. Wall Street was looking for 54 cents per share.
Ingram also said foreign currency conversion affected earnings by 6 cents per share.
Ingram is the world’s largest distributor of computers, software and other technology products, with sprawling operations around the globe.
The company projects third-quarter revenue of $10.5 billion to $11 billion, below Wall Street estimates of $11.3 billion.
Net income is projected in the range of $93.7 million to $106.2 million, below forecasts of $104.7 million.
The company initiated a dividend of 10 cents a share in the current quarter and said its board approved a $300 million, three-year share repurchase program.