Ingram Micro Reports Second-Quarter 2010 Financial Results

Ingram Micro Reports Second-Quarter 2010 Financial Results

Sales Grow 24 Percent as Operating and Net Income More Than Double

Net Income and EPS Hit Second-quarter Records

PR Newswire -- July 29, 2010







SANTA ANA, Calif., July 29 /PRNewswire-FirstCall/ -- Ingram Micro Inc. (NYSE: IM), the world's largest technology distributor, today announced double-digit increases in sales and triple-digit increases in profits for the second quarter ended July 3, 2010.



Worldwide sales for the second quarter totaled $8.16 billion, an increase of 24 percent compared with $6.58 billion in the prior-year second quarter. The translation impact of foreign currencies was not material to consolidated revenues as general strengthening of currencies in Asia-Pacific and Latin America were offset by an overall weakening of European currencies.



Net income and earnings per share more than doubled, reaching $67.7 million or $0.41 per diluted share. This compares with $25.3 million or $0.15 per diluted share last year, which included $0.05 per diluted share related to charges for expense-reduction programs and a goodwill impairment associated with the company's acquisitions in Asia-Pacific.



"Our ability to generate robust sales growth while controlling operating expenses resulted in significant operating leverage, driving net income and EPS to the highest second-quarter levels in our history," said Gregory Spierkel, chief executive officer, Ingram Micro Inc. "Every region performed well, with our two largest regions doubling and tripling operating profits on double-digit sales growth. Our notable progress is a function of proactive vendor and customer engagement, new tools and programs embraced by our customers, and expanded solutions in key adjacency areas such as data capture/point of sale and data-center support. We are excited by the opportunities ahead as we continue to successfully execute against our plan to the benefit of our customers, vendor partners and shareholders."



Additional Second Quarter Highlights

For additional detail regarding the results outlined below, please refer to the financial statements and schedules attached to this news release or visit www.ingrammicro.com.



Regional Sales