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Ingram Micro Beats Targets

The company guides in line.
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Ingram Micro (IM) beat third-quarter targets and guided in line for the fourth quarter.

The Santa Ana, Calif., technology distributor made $58.5 million, or 34 cents a share, for the quarter ended Sept. 30, up from the year-ago $48.4 million, or 29 cents a share. Revenue rose 8% from a year ago to $7.51 billion.

Analysts surveyed by Thomson Financial were looking for a 32-cent profit on sales of $7.42 billion.

"The company delivered another solid quarter with revenue growth in all four regions and double-digit operating income growth in North America and Europe," said CEO Gregory M. Spierkel. "In North America, we achieved a 164-basis-point operating margin, a testimony to the success of our strategic initiatives to profitably grow the business. Europe turned the corner after a highly competitive first half, delivering record third-quarter sales and operating income. Sales in Asia Pacific and Latin America grew 13% and 8%, respectively."

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Ingram Micro expects to make 50 to 54 cents a share for the fourth quarter on revenue of $8.4 billion to $8.65 billion. Analysts were looking for a 52-cent profit on sales of $8.39 billion.

Shares rose 48 cents late Tuesday to $20.30.