Santa Ana’s Ingram Micro Inc. on Thursday reported higher sales and profits for the first quarter.
Sales at the technology products distributor rose 13% to $7.05 billion from a year earlier. Net income also was up 13%, to $42.4 million.
The company said the gains were helped by strong European sales, which rose 12%.
“We delivered another strong quarter despite the widely reported competitive dynamics in North America and softer economies in some markets of Europe,” said Kent Foster, outgoing chief executive. “Our team was able to rise above challenging environments and deliver (earnings) at the high end of our guidance range.”
Foster is stepping down June 1 and will be replaced by Gregory Spierkel, who has overseen the company’s Asian and European operations. Spierkel has said he hopes to make some changes to Ingram’s North American division, which has been lagging Europe and Asia.
“A significant portion of our revenue comes from international operations or new technologies and services,” Foster said. “This diversification mitigates some of the volatility risks in certain markets or segments. We have been cultivating this strategy for several years and it is starting to pay off.”
