Bolstered by a cautious revival in corporate spending and continued consumer appetite for gadgets, Ingram Micro Inc. on Thursday posted higher, albeit still slim, second-quarter profit on an 11% increase in sales.
The world's largest independent distributor of everything from plasma screens to digital cameras had net income of $25.9 million, or 16 cents a share, on $5.7 billion in sales in the quarter ended July 3. Last year, the Santa Ana-based company made $11.5 million, or 8 cents, on $5.2 billion in sales.
The results were slightly ahead of the expectations of analysts, who on average expected Ingram to earn $25 million, or 15 cents a share, according to a survey by Thomson First Call.
Sales, however, came in lower than anticipated as the company turned down money-losing contracts in volatile markets in China and India. Overall sales in Asia, which accounted for 10% of Ingram's revenue, fell 2% from a year ago to $558 million.