Ingram Micro Inc. (IM) Tops Q2 EPS by 9c, Sees Q3 Flat to Up Slightly vs Q2
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Price: $38.89 --0%
Financial Fact:
Interest expense: 19.64M
Today's EPS Names:
OFLX, VAXX, NMRD, More
Financial Fact:
Interest expense: 19.64M
Today's EPS Names:
OFLX, VAXX, NMRD, More
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Ingram Micro Inc. (NYSE: IM) reported Q2 EPS of $0.55, $0.09 better than the analyst estimate of $0.46. Revenue for the quarter came in at $10.3 billion versus the consensus estimate of $10.44 billion.
"I am pleased with our performance in the second quarter, as we executed well against our key objectives for the year, resulting in significant improvements across several important financial metrics," said Alain Monie, Ingram Micro president and CEO. "We continued to improve in Australia, benefited from accretion to adjusted earnings per diluted share of 10 cents from our new mobility business and saw gross margins expand, due in part to the investments we have made in areas such as advanced solutions, mobility, logistics services and cloud. We also strengthened our balance sheet as we drove strong cash flow from operations. We are managing our growth well and we believe continued execution on our strategic initiatives to increase the ratio of our higher-margin, and better-returns businesses will result in above market growth rates, while also improving profitability and generating better shareholder returns."
Outlook
For the 2013 third quarter, the company currently expects to maintain its consolidated gross margin rate, with worldwide revenue expected to be flat to slightly up sequentially, in line with historic seasonality. In addition, 2013 third quarter net income and adjusted net income are expected to benefit from income of approximately $18 million after-tax, or 11 cents per diluted share, related to a settlement from a class action proceeding seeking damages from certain manufacturers of LCD flat panel displays.
For earnings history and earnings-related data on Ingram Micro Inc. (IM) click here.
"I am pleased with our performance in the second quarter, as we executed well against our key objectives for the year, resulting in significant improvements across several important financial metrics," said Alain Monie, Ingram Micro president and CEO. "We continued to improve in Australia, benefited from accretion to adjusted earnings per diluted share of 10 cents from our new mobility business and saw gross margins expand, due in part to the investments we have made in areas such as advanced solutions, mobility, logistics services and cloud. We also strengthened our balance sheet as we drove strong cash flow from operations. We are managing our growth well and we believe continued execution on our strategic initiatives to increase the ratio of our higher-margin, and better-returns businesses will result in above market growth rates, while also improving profitability and generating better shareholder returns."
Outlook
For the 2013 third quarter, the company currently expects to maintain its consolidated gross margin rate, with worldwide revenue expected to be flat to slightly up sequentially, in line with historic seasonality. In addition, 2013 third quarter net income and adjusted net income are expected to benefit from income of approximately $18 million after-tax, or 11 cents per diluted share, related to a settlement from a class action proceeding seeking damages from certain manufacturers of LCD flat panel displays.
For earnings history and earnings-related data on Ingram Micro Inc. (IM) click here.
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