Ingram Micro Beats Third-Quarter Estimates by a Penny - TheStreet

Ingram Micro

(IM)

reported third-quarter earnings that beat Wall Street's expectations by a penny.

The wholesale provider of technology products and services reported third-quarter net income of $38.9 million, or 26 cents a diluted share, compared with $15.8 million, or 11 cents a share, for the same period a year ago. Analysts expected the company to earn 25 cents a share for the quarter, according to

First Call/Thomson Financial

.

Sales for the quarter rose 13% to $7.56 billion from $6.71 billion.

Additionally, the company expects sales for the fourth quarter to increase from the same quarter of 1999 at a percentage rate in the low double-digits in local currencies, based on current internal estimates.