(RTTNews) - Thursday, information technology products distributor Ingram Micro Inc. (IM: News ) reported a dip in third quarter earnings, as revenues declined from last year impacted by the weakened global economies.

The Santa Ana, California-based Ingram's third quarter net income declined to $42.31 million or $0.25 per share from $46.37 million or $0.27 per share in the previous year quarter. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share. Analysts' estimates typically exclude special items.

Ingram said latest quarter results included costs of approximately $0.04 per share related to expense-reduction programs, while the year-ago quarter included $0.02 per share.

In the preceding second quarter, Ingram recorded net income of $25.3 million or $0.15 per share, down from $58.9 million or $0.35 per share in the year ago quarter. Net sales declined 25% to $6.58 billion from $8.82 billion last year.

Net sales for the quarter under review decreased to $7.385 billion from $8.284 billion a year ago. Six Wall Street analysts estimated revenues of $6.65 billion.

Ingram said third-quarter sales continue to be impacted compared to the prior year, by the weakened global economies coupled with internal efforts to adjust the business mix toward more profitable accounts.

Segment wise, Ingram said its North America sales dipped 10% to $3.22 billion from $3.59 billion reported a year ago. The segment registered operating income of $30.4 million, down from $45.5 million last year.
Sales in the EMEA region declined 16% to $2.15 billion from $2.57 billion in the prior-year quarter. The translation impact of relatively weaker European currencies had a negative impact on prior-year comparisons of approximately 6% points. The segment posted an operating income of $13.6 million, compared to a loss of $4.7 million last year.

Asia-Pacific sales was $1.64 billion for the quarter, down 4% from $1.70 billion reported last year. Operating income for the segment was $21.4 million, compared to $25.4 million in the prior year period.

Latin America segment sales were $373 million, down 13% from $430 million reported a year ago. The segment had operating income of $4.7 million, compared to $6.6 million a year ago.

William Humes, senior executive vice president and chief financial officer said, "The solid financial results this quarter were delivered through the disciplined management of key areas of the business."

To receive FREE breaking news email alerts for Ingram Micro Inc and others in your portfolio

 1   2   Next Page