Ingram Micro profit rises 12%
From Times Wire Reports
Computer products distributor Ingram Micro Inc. reported that its second-quarter profit rose on higher sales in Latin America.
Net income increased 12% to $58.9 million, or 35 cents a share, from $52.4 million, or 30 cents, a year earlier, the Santa Ana company said.
Ingram has begun a restructuring that is expected to result in $18 million to $24 million in annual cost savings.
Worldwide, sales rose 7.7% to $8.82 billion, beating the $8.5 billion to $8.75 billion forecast by the company in April.
Ingram shares lost 16 cents to $18.05 before earnings were announced. They fell $1.05, or 5.8%, in late trading.
