Ingram's second quarter cheers
But predicts tough third quarter
Super distie Ingram Micro increased sales to $8.82bn for the quarter ended 28 June 2008 compared to $8.19bn for the same period last year.
Sales were helped by a six per cent improvement in currency exchange rates. Net income in the second quarter was $58.9m, compared to $52.4m last year.
Ingram spend $5.5m on reducing costs in the quarter.
US sales made up 40 per cent of the total, Europe, Middle East and Africa contributed 33 per cent, and Asia Pacific brought in 22 per cent of the total. Latin America provided the remaining five per cent.
For the third quarter Ingram expects "macro-economic softness to continue". The company hopes to make sales of between $8.5bn and $8.8bn and net income of $52m to $61m.
It predicts solid growth in Latin America with more modest growth in the rest of the world. But it expects the cost-cutting programme to begin to bring in benefits in the next three months. ®