Ingram Micro Inc. (IM) Thursday reported first-quarter net income of $49.8 million or $0.32 per share, compared to $90.0 million or $0.58 per share/
Last year's result benefited from $28.5 million or $0.18 per share from a net discrete tax benefit, as well as from favorable pricing on hard disk drives.
Adjusted earnings for the quarter dropped to $0.41 per share from $0.44 per share last year.
Worldwide sales for the quarter grew 19 percent to $10.26 billion from $8.64 billion last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share on revenues of $10.10 billion for the quarter. Analysts' estimates typically exclude special items.
For the second quarter, the company currently expects a 1 to 4 percent sequential increase in revenue, with consolidated gross margin flat to slightly up.
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