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Earnings Roundup

Ingram shares fall on cut in outlook

September 17, 2008|From Times Wire Services

Shares of Ingram Micro Inc., the Santa Ana distributor of computer equipment, slid 2.7% after reducing its third-quarter profit and sales forecasts.

Net income will be 18 cents to 23 cents a share on revenue of $8.3 billion to $8.6 billion for the period ending Sept. 27, Ingram said. In July, the company predicted 31 cents to 36 cents on sales of $8.5 billion to $8.8 billion.

The lowered estimates reflect "intense pricing pressure in both North America and Europe," Matthew Sheerin, an analyst at Thomas Weisel Partners, said in a note to investors.

Ingram shares lost 47 cents to $17.05.

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