Irvine-based Ingram Micro Inc. reported a mixed third quarter in a report issued after the close of intraday trading today
The company posted revenue of $10.5 billion for the period, down 6% from a year ago.
Analyst had forecast sales at about $10.73 billion.
Adjusted profits were $103 million, up 5.3% from a year earlier and topping estimates of $98.1 million.
The company’s operating margin of 1.6% was the highest level for a third quarter in more than a decade.
Ingram, for the second straight quarter, said foreign currency conversion hampered earnings by 6 cents per share and declared a cash dividend of 10 cents per share for the current quarter.
Ingram is the world’s largest distributor of computers, software and other technology products, with sprawling operations around the globe.
The company projects revenue in the current quarter in the range of $12 billion to $12.6 billion, below analyst estimates of nearly $12.8 billion. Adjusted profits are projected between $155.8 million and $166.7 million, the latter at Wall Street’s target.
The fourth quarter is perennially Ingram’s strongest in sales due to the holiday shopping season, when the company distributes more than traditional technology products and services, diversifying into games, toys and other gifts.
Ingram said its projects to generate more than $1 billion in cash flow this year, up from a prior guidance of $700 million.
Its shares are up 1.6% in afterhours trading to a market value of about $4.45 billion.
