Santa Ana-based Ingram Micro Inc., the largest distributor of technology products, reaffirmed its fourth-quarter outlook on Friday and said business in new markets should offset a slowing U.S. economy.
“Despite widely reported concerns about the macroeconomic environment, we are comfortable with our guidance,” Chief Executive Greg Spierkel said.
For the quarter, Ingram Micro expects to earn $100 million to $105.2 million. A year earlier, the company had a profit of $91.7 million.
The reaffirmed profit forecast met,but didn’t surpass,the consensus estimate of Wall Street analysts, who expect $105.2 million in profits.
Ingram’s shares were down slightly on the news with a market value of $3.5 billion.
The company expects sales of $9.7 billion to $9.95 billion in the quarter, up from $8.9 billion a year earlier.
Analysts on average expect $9.89 billion in quarterly revenue.
Ingram’s forecast excludes the impact of a planned sale of its chip distribution business to Japan’s Tomen Electronics Corp.
The two companies said last month that Tomen is paying $19 million for Ingram’s Singapore-based chip business.
