Ingram goes mooney over June quarter

Ingram Micro reported its first quarter results yesterday and took a rosier than expected view of the second quarter.

The giant US distributor giant reported revenues of $7.05bn, compared to $6.28bn last year. The top line was boosted by strengthening European currencies as well as the Tech Pacific operation it acquired last November. Net income was $42.4m (25 cents per share) compared to last year’s $37.6m (24 cents per share), which included “major program” and acquisition-related costs of around $9.8m.

While the figures were at the top end of its forecast range, Ingram noted that it was seeing a competitive market in the US as well as a number of softer economies in Europe.

But that didn’t stop it taking a bullish view on the current quarter, predicting earnings per share of 25 to 28 cent on revenues of $6.7bn to $6.9bn. The consensus of the suits on Wall Street is 25 cents per share on revenues of $6.74bn. The expected Q2 sales growth of 17 to 21 per cent will be underpinned to a large extent by the Tech Pacific operation.

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