Ingram Micro Inc., a Santa Ana-based distributor of computers, software and electronics, said Tuesday that second-quarter profit advanced 29% as the company shifted some operations to less-expensive regions.
Net income rose to $53.8 million, or 32 cents a share, from $41.7 million, or 26 cents, a year earlier, the company said. Sales gained 8.1% to $7.4 billion.
For The Record
Los Angeles Times Thursday July 27, 2006 Home Edition Main News Part A Page 2 National Desk 2 inches; 67 words Type of Material: Correction
Ingram Micro earnings: An article in Wednesday's Business section incorrectly reported that Ingram Micro Inc.'s second-quarter profit, excluding stock option expenses and some other costs, was $49.1 million, or 30 cents a share. Ingram, however, did not give a figure for its profit excluding those costs. The article also incorrectly said Ingram's profit fell short of an average of analysts' estimates. The profit equaled or analysts' estimates.
Chief Executive Greg Spierkel has controlled costs by shifting technical support and application development to less- expensive regions such as Asia while entering new markets. Ingram Micro bought SymTech Nordic last month to enter Europe's radio-frequency identification tag and point-of-sale data-capture market.
Excluding stock-option and other costs, profit was $49.1 million, or 30 cents a share, for the period ended July 1, missing the 32-cent average estimate of analysts surveyed by Thomson Financial. Thomson didn't say what was included in the estimates.
Profit in the current quarter will be $49 million to $56 million, or 29 cents to 33 cents a share, on sales of $7.3 billion to $7.5 billion, Ingram Micro said. Analysts estimate earnings of $59.5 million, or 34 cents, on sales of $7.4 billion.
Shares of Ingram Micro rose 1 cent to $17.76. They were little changed after the results were reported.