Santa Ana-based Ingram Micro Inc., the world’s largest distributor of technology products, beat its own guidance and Wall Street’s expectations with results for the first quarter.
The company said it posted quarterly income of $62 million, up 45% from a year earlier, which include one-time charges.
Without those charges, the company’s net income was up 25%.
Analysts were looking for $56 million in profits.
The company had said in March it expected profits of $54 million to $59 million. The company now includes stock option-based compensation costs as part of its earnings under new regulatory rules.
Revenue was $7.6 billion during the quarter, up 8% from the year-ago period.
The company had said it expected sales of $7.3 billion to $7.5 billion. Analysts were looking for revenue of $7.42 billion.
Gregory Spierkel, chief executive, credited broad growth across the globe and expansion into consumer electronics and services.
Still, gross profit margins shrunk in the quarter to 5.34% from 5.38% a year ago.
The company blamed a more “competitive environment” and poorly performing economies in Europe.
Europe was the worst performer of the company’s major regions, managing just 2% growth to $2.7 billion in sales.
Latin America, while the smallest region for Ingram, showed the most growth with 28% growth to reach $357 million.
North America, the company’s largest market, grew 9% to $3.2 billion. Asia grew by 12% to $1.19 billion.
