Santa Ana-based Ingram Micro Inc., the largest distributor of technology products, reported strong third-quarter results that beat expectations and confirmed its outlook for the current quarter.
Third-quarter net income came in at $58.5 million, up 21% from a year earlier and above Wall Street’s expected $55 million. The results include stock compensation expenses of $6.5 million.
Sales for the quarter were $7.5 billion, up 8% from a year earlier.
Ingram saw “double-digit operating income growth” in its key North American and European operations, Chief Executive Gregory Spierkel said.
The company’s overall gross profit margin,a key figure in an industry known for slim profits,was 5.4% in the third quarter, down 9 basis points from a year earlier and up 10 basis points from the second quarter.
For the current quarter, Ingram said it expects sales of $8.4 billion to $8.65 billion. Wall Street on average expects $8.4 billion in quarterly revenue.
Net income could come in at $85 million to $92 million, with the consensus of analysts in the middle of that range.
