On Thursday, Ingram Micro reported earnings of 67 cents a share for the third quarter, beating analysts' estimates of 63 cents a share for the quarter. Revenue fell 6.3% year over year to $10.52 billion for the quarter, compared to analysts' estimates of $10.73 billion for the quarter.
"We had a great quarter, reflecting continued execution on our strategy," CEO Alain Monie said in a statement. "We drove strong operating leverage while continuing to build our capabilities in key strategic areas such as advanced solutions, lifecycle services, commerce and fulfillment solutions and cloud."
Ingram Micro said it expects to report earnings of $1 to $1.02 a share and revenue of $12 billion to $12.6 billion for the fourth quarter. Analysts expect the company to report earnings of $1.05 a share and revenue of $12.83 billion for the quarter.
About 2.5 million shares of Ingram Micro were traded by 2:29 p.m. Friday, above the company's average trading volume of about 1.3 million shares a day.
TheStreet Ratings team rates INGRAM MICRO INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
We rate INGRAM MICRO INC (IM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: IM
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