Shares of Santa Ana’s Ingram Micro Inc., the biggest distributor of technology products, software, computers and consumer electronics, on Thursday reported results for the third quarter that beat analysts’ expectations on sales but fell short on profits.
Ingram Micro saw sales of $8.45 billion, up 14% from a year earlier and beating analysts’ expected $8.2 billion in revenue.
Excluding one-time charges for interest, currency conversion and other costs, Ingram posted profits of $65 million, up 54% but just shy of analysts’ expected $66 million in profits.
For the current quarter, analysts are expecting Ingram Micro to see profits of $100 million, up about 5% from a year earlier.
Fourth-quarter sales are projected at $9.3 billion, up roughly 6%.
In typical Ingram style, Chief Executive Greg Spierkel didn’t give guidance for the current quarter. But he gave analysts and investors some comments on how things are going.
“Global demand has remained solid through the first weeks of the fourth quarter,” he said.
Spierkel gave a fairly muted sales outlook.
“Year-over-year sales growth may moderate compared to the rates experienced earlier in the year, as last year’s fourth quarter benefited from the launch of our sales-enhancement efforts,” he said.
Investors seemed nonplussed.
Shares were flat in afterhours trading on a recent market value of nearly $3 billion.
