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Ingram solid in Q1 despite Euro softness

Sets Q2 guidance

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Ingram Micro beat its own financial forecasts in the first quarter despite softening economies and currencies in Europe.

Sales for the three months ending 1 April were $7.6bn, up 8 per cent on the year. Weak European currencies had a three percentage point negative effect on the year on year comparison, Ingram said. Net income was $61.7m, up 45 per cent. The company said this was better than the guidance it gave back in February.

European sales were up two per cent to $2.7bn, though Ingram said stiff price competition and some soft European economies hit its gross margins here, and the currency effect had a nine per cent negative impact on the year on year comparison. European operating income was $34.5m, compared to $37m the previous year.

Ingram said sales in the current quarter will range between $7.15bn to $7.35bn, with net income of $49m to $56m.

The firm said it plans to overhaul its IT systems, which will mean $5m of expenses in the current quarter. ®

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