Ingram Micro Shares Climb After 1Q

NEW YORK (AP) — Shares of Ingram Micro Inc. climbed Friday after first-quarter earnings fell less than Wall Street had forecast.

The Santa Ana, Calif.-based technology products distributor said late Thursday that its quarterly profit plunged 57 percent on a sales decline of 21 percent.

But an adjusted profit of 23 cents per share was not as bad as analysts predicted. The average forecast was for only 13 cents per share, according to Thomson Reuters.

Thomas Weisel analyst Matthew Sheerin offered a mixed review for the quarter. In a client note Thursday he reiterated a "Market Weight" rating on the stock, saying the sharp decline in sales hurt operating margins.

But he added that Ingram was able to significantly cut inventory and lower its debt to capital ratio. He raised his price target to $14 from $12.

Ingram shares gained 97 cents, or 6.7 percent, to $15.49 in afternoon trading.