The distributor’s worldwide sales for the first quarter finished at $8.25 billion – a 9 per cent increase on the $7.60 billion recorded for the same period last year and a first quarter record for the firm. Net income for the first quarter came in at $37.0 million.
The firm has predicted sales for the second quarter to range from $8 billion to $8.25 billion. Net income is expected to range from $59 million to $65 million, or $0.34 to $0.37 per diluted share. The weighted average shares outstanding is expected to be approximately 176 million and an effective tax rate of 28 per cent is estimated for the second quarter and subsequent quarters of 2007.
“The technology markets in all our regions are generally solid, driving another first quarter sales record,” said Gregory Spierkel, chief executive officer at Ingram Micro. “We are also especially pleased with the performances of North America and Asia-Pacific, where operating income grew at more than twice the rate of sales, reflecting our successful efforts toward diversification into adjacencies and geographies. The Brazilian tax charge and our efforts to gain share in Germany dampened income in the other two regions, but we believe these markets will generate more fruitful results in the months ahead.”