Record Fourth Quarter Caps Great Year for Ingram Micro

Ingram Micro Inc., the world’s largest distributor of computer products, said Wednesday that its net income more than doubled for the fourth quarter on record revenue.

The Santa Ana-based company, which completed one of Orange County’s biggest initial public stock offerings in 1996, reported net income of $69 million, or 47 cents a share, for the quarter ended Jan. 3, up from $33.1 million, or 24 cents a share, for the same period a year earlier.

Revenue rose 44% to $5.1 billion from $3.6 billion.

The earnings, released after the market closed, exceeded Wall Street’s expectations. Analysts had estimated that Ingram Micro would report earnings of 43 cents a share.

Company officials attributed the record results to gains in existing markets and expansion into new product categories.

“It was a phenomenal year for us in Europe,” said Jeff Rodek, Ingram Micro’s chief operating officer. “Computer equipment sales continue to be very healthy, which is great news for us and the entire industry,” he added.

For the fiscal year, Ingram Micro’s net income rose 75% to $193.6 million, or $1.23 a share, from $110.7 million, for the previous year. Sales rose 38% to $16.6 billion from $12 billion.

Ingram Micro stock rose 19 cents a share, closing at $32.88 on the New York Stock Exchange.