Ingram Shares Hit Record High

Ingram Micro Inc. stock climbed to a record high Thursday, a day after the huge distributor of computer products posted fourth quarter earnings that exceeded analysts’ expectations.

Ingram shares rose 8.6%, or $2.81, to $35.69 as 1.19 million shares changed hands, more than six times the three-month average daily volume on the New York Stock Exchange.

The Santa Ana-based company’s earnings were bolstered by stronger-than-expected sales and profits in Europe. “They did a lot of things right during the quarter,” including capitalizing on strong European sales, said Bob Anastasi, an analyst at Robinson-Humphrey Co. in Atlanta. Ingram said sales in Europe rose 38% to $1.17 billion in the fourth quarter from $845 million a year ago.

Ingram said net income rose 49% to $70.5 million, or 48 cents a share, from $47.2 million, or 35 cents, a year ago. The company was expected to earn 43 cents a share, according to analysts.