PARIS (04/27/2000) - IT equipment distributor Ingram Micro Inc. yesterday announced that net income for the first quarter, which ended 1 April, 2000, was $96 million, or 65 cents per share, compared to $42.3 million or 29 cents per share for the corresponding period last year.
The first quarter income figure includes gains from the sale of securities and from the repurchase of company debentures. Excluding these one-time gains, net income was $24.7 million or 17 cents per share, down 41.6 percent on last year.
This beat the consensus expectation of 15 cents per share, of 11 analysts polled by First Call/Thomson Financial.
Strong sales outside of the U.S. helped the company grow profits past expectations. First-quarter sales at the company rose by 16 percent year-on-year to US$7.8 billion, the company announced.
U.S. sales grew more sluggishly than the overall total, up just 11 percent on the previous year to $4.59 billion. Net sales in the European region grew 17 percent to $2.04 billion -- and grew more than 30 percent in local currencies, the company said. Sales outside the U.S. and Europe grew most rapidly, rising 38 percent to $1.16 billion.
At the end of the first quarter of 2000, Ingram Micro's capital position improved. The company attributed this to, among other things, good asset utilization: total inventory decreased by 22 percent during the period to $2.72 billion on comparable sales.
Ingram Micro, based in Santa Ana, California, can be reached at +1-714-566-1000 or found on the Web at http://www.ingrammicro.com/.