Ingram Micro Inc. (IM) posted third quarter net income of $42.3 million or $0.25 per share, compared to $46.4 million or $0.27 per share in the previous year period.
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.
The results for the quarter included costs of approximately $0.04 per diluted share related to expense-reduction programs.
Worldwide sales for the third quarter were $7.38 billion, down from $8.28 billion in the third quarter last year. Six Wall Street analysts expected revenues of $6.65 billion.
Further, the company said two of its expense-reduction programs would be completed by year-end, generating aggregate annualized savings of approximately $140 million compared to the first quarter of 2008.
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