Ingram Lags Forecast

Ingram Micro Inc., the No. 1 computer distributor, said first-quarter profit will be as much as 50% less than analyst forecasts because of slowing sales. Santa Ana-based Ingram issued its warning as it reported operating earnings of $119.4 million for the fourth quarter, versus an operating loss of $45.9 million a year ago. Net income was down 23% to $57.9 million, or 39 cents a share, from year-earlier net income of $75 million, or 51 cents, including a one-time gain of $125 million. Sales rose 3% to $8.07 billion. For the first quarter, Ingram said it expects earnings of 15 cents to 18 cents a share, with sales of $7.3 billion to $7.6 billion. Analysts on average had expected 32 cents, according to First Call/Thomson Financial. Ingram Micro shares fell 40 cents to close at $13.80 on the New York Stock Exchange, before the news was released.