Shares of Ingram Micro Inc. rose Monday after the company said it’s still on track to meet its first-quarter earnings expectations.
The world’s largest distributor of computers and other tech products said late last week that it expects sales for the quarter ending April 2 to be $7 billion to $7.2 billion, with net income from $47 million to $50 million.
Shares of Ingram were up nearly 1.4% to $16.7 Monday.
Last year, Ingram posted sales of $6.3 billion and net income of $37.6 million in the period. The company’s revenue is higher this year in part because of its acquisition of Australia’s Tech Pacific for about $500 billion.
Ingram said its first-quarter forecast excludes any reorganization costs, special items or integration expenses.
“Despite pockets of increased competition and economic softness in specific markets, our sales guidance reflects historical seasonal norms, even when excluding the additional revenues from the acquisition of Tech Pacific,” said Kent B. Foster, chairman and chief executive of Ingram.
