Ingram Micro Profit Falls On Expenses, Misses Estimate

(RTTNews) - IT products distributor Ingram Micro Inc. (IM) Wednesday reported first-quarter net earnings of $24.8 million or $0.16 per share compared with $49.8 million or $0.32 per share last year.

Results for the recent quarter included, among other items, reorganization and integration costs of $39 million.

Excluding items, adjusted earnings for the quarter were $68 million or $0.43 per share compared with $63 million or $0.41 per share a year ago.

Revenues for the quarter were $10.38 billion compared with $10.26 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.48 per share on revenues of $10.42 billion for the quarter. Analysts' estimates typically exclude special items.

The company said growth in Europe and Latin America was partly offset by lower handset sales in its new mobility business in Indonesia.

Gross margin for the quarter climbed to 5.88% from 5.70% a year ago, while operating margin fell to 0.66% from 0.88%.

Looking ahead to the second quarter, the company expects worldwide revenue to increase year-over-year in the low- to mid-single digits. Analysts expect revenue growth of 2.40%.

It also said it is confident in its expectations for fiscal 2014 worldwide revenue growth in the low- to mid- single-digits, while analysts expect growth of 3.40%.

Santa Ana, California-based Ingram Micro is the world's largest wholesale technology distributor and a global leader in supply-chain and mobile device lifecycle services.

The company's stock closed Wednesday at $30.27, down $0.51 or 1.66%, on a volume of 1.8 million shares on the NYSE. In after hours, the stock dropped $0.87 or 2.87.