Thursday, Ingram Micro Inc. (IM), a technology distributor, reported an increase in its earnings for the second quarter, helped by growth in higher-margin business units and improvement in business mix. The company also provided guidance for the third quarter.
Second-quarter net income rose to $58.9 million, or $0.35 per share from $52.4 million or $0.30 per share in the same quarter last year. The latest quarter included costs of about $5.5 million net of tax, or $0.03 per share, related to expense-reduction programs in North America and Europe, while the year-ago quarter included a charge of $9.2 million or $0.05 per share.
Analysts polled by First Call/Thomson Financial expected earnings of $0.35 per share for the quarter.
Net sales for the quarter rose 8% to $8.82 billion from $8.19 billion a year ago, and topped the Street's expectation of $8.58 billion.
For the six-month period, net income was $123.0 million, or $0.71 per share, up from $89.4 million, or $0.51 per share, last year. Net sales for the period were $17.39 billion, a 6% increase over the $16.43 billion reported a year ago.
Looking ahead, for the third quarter, the company expects earnings in the range of $52 million to $61 million, and earnings per share of $0.31 to $0.36. Sales are expected between $8.5 billion and $8.8 billion. Analysts expect earnings of $0.40 per share, on sales of $8.79 billion for the quarter.
Ingram Micro closed Thursday's regular trading session at $18.05, down $0.16 or 0.88%. In the after-hours trading, the company's shares are trading at $17.00, down $1.05 or 5.82%.
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