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Ingram Micro Stock Soars on Profit News

October 28, 2000|Bloomberg News

Shares of Ingram Micro Inc. rose 20% Friday, a day after the after the world's biggest distributor of computer products said third-quarter profit more than doubled as sales and profit margins rose. The Santa Ana company's stock rose $2.69 to $15.94 in New York Stock Exchange trading of 2.1 million shares, more than five times the three-month daily average. The stock is up 21% in 2000. Earlier, the stock touched $16.50. Ingram Micro had been struggling with falling computer prices and competition from smaller distributors. Under Kent Foster, the former president of GTE who was named Ingram Micro president and chief executive in March, the company has focused on raising prices and improving its profit margins. Foster told analysts Thursday that profit margins rose to 5.1% during the quarter from 4.8% a year ago. Net income rose to $38.9 million, or 26 cents a share, from $15.8 million, or 11 cents in the year-earlier period. Sales rose 13% to $7.56 billion.

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