Net income drops on softer demand
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Technology products distributor Ingram Micro Inc. said its third-quarter profit fell 36% as revenue declined amid softening demand in its three largest geographic regions.
The Santa Ana company earned $46.4 million, or 27 cents a share, down from $72.4 million, or 41 cents, a year earlier. Sales fell 4% to $8.28 billion.
Analysts, on average, were expecting a profit of 23 cents a share on sales of $8.44 billion, according to a poll by Thomson Reuters.
Because of the economic uncertainty, Ingram said it was discontinuing specific financial quarterly guidance.
Ingram’s shares fell 36 cents, or 2.9%, to $12.18.
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