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Ingram upbeat despite profit slip

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Ingram Micro saw profits nosedive for the third quarter. The US distribution giant reported pre-tax profit of $17.5 million before exceptionals for the three months ended 2 October 1999. This excluded $2.7 million of reorganisation costs, and compared to $59.8 million for the same period last year. Sales were up 18 per cent at $6.71 billion. The results were in line with Ingram's previously revised estimates of pre-tax profit falling between $15 and $21 million. Earnings per diluted share were 11 cents, down on last year's 40 cents. "As expected, Ingram Micro's third quarter results were negatively affected by the difficult market conditions that are being experienced throughout our industry, including intense competitive pricing and increased reductions in vendor rebates and incentives, primarily in the United States," said Jerre Stead, Ingram chairman and CEO. But Stead, like the rest of the industry, remained upbeat that this slowdown in profit was only temporary. "Despite these short-term issues, Ingram Micro continues to be well-positioned strategically," he said. "We continue to experience solid demand for our core products and services and pursue emerging opportunities in areas such as logistics outsourcing for our business partners." ®

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