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Ingram Micro posts 8.8% profit increase

February 16, 2007|From Bloomberg News

Ingram Micro Inc., the world's largest distributor of computers, software and electronics, said Thursday that its fourth-quarter profit rose 8.8% as sales grew in Asia and North America.

Net income increased to $91.7 million, or 53 cents a share, from $84.4 million, or 51 cents, a year earlier, the Santa Ana-based company said. Sales rose 11% to $8.85 billion.

Ingram Micro's operating income in Asia more than doubled to $22.8 million, while the North American unit climbed 17% to $64.6 million. Chief Executive Greg Spierkel has spent the last several years trying to expand profit margins by entering new markets in Asia and shifting technical support and software development to less-expensive regions.

The company forecast first-quarter profit of 36 cents to 40 cents a share on sales of $8.1 billion to $8.35 billion. Analysts had estimated profit of 39 cents a share on sales of $8.03 billion, according to Bloomberg surveys.

The company in October had forecast fourth-quarter profit of $85 million to $92 million, or 50 cents to 54 cents a share, on sales of $8.4 billion to $8.65 billion.

Ingram Micro's shares rose 33 cents to $20.30.

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