Ingram Micro Sounds Earnings Warning

Ingram Micro Inc., the world’s largest distributor of personal computers, said it will miss Wall Street’s fourth-quarter earnings expectations by at least 6 cents a share because of lower-than-expected U.S. sales of PCs. The Santa Ana-based company said net income will range from 48 cents to 50 cents a share for the latest quarter, compared with 47 cents a year ago. The company was expected to earn 56 cents, according to analysts polled by First Call Corp. Personal computer distributors have struggled all year with lower prices and supply shortages. Analysts said Ingram’s customers--dealers that sell to businesses--are buying directly from PC makers, hurting the company. Ingram shares fell $9.25, or 20%, to close at $37 on the New York Stock Exchange. The earnings warning was issued after markets had closed for the day.