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TheStreet Open House

Profit Up at Ingram Micro

Ingram Micro (IM) topped the Street's revenue forecast and posted earnings that matched Wall Street estimates late Thursday.

The Santa Ana, Calif.-based distributor of technology products said its net income was $91.7 million, or 53 cents a share, for the fourth quarter, compared with $84.4 million, or 51 cents a share, in the same period one year ago.

CEO Gregory Spierkel said problems migrating to a new warehouse management system in Germany clouded the income performance during the quarter, nicking EPS by 3 cents to 4 cents a share.

The new management system is now in place and should result in a more efficient and productive operation for the country, he said.

But the negative impact was offset by a favorable legal settlement of $4 million, or 2 cents a share, in the quarter. In addition, a reduction in tax rate benefited the company by a penny a share.

On the top line, Ingram Micro reported $8.85 billion, rising from $7.96 billion in the same three months last year.

Analysts polled by Thomson First Call pegged the company for 53 cents a share on sales of $8.55 billion.

"We closed the year with record annual sales and income," Spierkel, said in a statement. "For the fourth quarter, sales hit a quarterly record and all four regions reported operating margins of more than 150 basis points for the first time in company history. Nearly every country performed well. "

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