Ingram Micro Reports Profit After Loss a Year Earlier

From Bloomberg News

Ingram Micro Inc., the world’s biggest distributor of computers and parts, reported Tuesday that it had a first-quarter profit after a loss last year. But the firm also said that its decision to trim 900 jobs in the latest quarter means it will miss analyst forecasts this period.

Net income was $10.1 million, or 7 cents a share, compared with a net loss of $265.4 million, or $1.74, in the year-ago period.

Ingram Micro, based in Santa Ana, said it cut 7.1% of its workforce in the first quarter, when sales fell 2.5% to $5.47 billion .

Ingram now has about 11,800 workers, down from 12,700 at the end of the fourth quarter, Chief Executive Kent Foster said.


The firm expects profit, excluding some costs, of $14 million to $19 million in the second quarter, or 9 cents to 12 cents a share, and sales of $4.9 billion to $5.1 billion. Six analysts expected profit of 16 cents a share on $5.42 billion in sales, according to a Thomson First Call poll.

Ingram shares rose 46 cents to $11.65 on the New York Stock Exchange.