Ingram Micro Inc. (IM) Tops Q2 EPS by 3c

Ingram Micro Inc. (NYSE: IM) reported Q2 EPS of $0.54, $0.03 better than the analyst estimate of $0.51. Revenue for the quarter came in at $10.91 billion versus the consensus estimate of $10.58 billion.

Alain Monie, Ingram Micro CEO, commented, "Worldwide revenue increased by $600 million, or 6 percent, to a second quarter record. Revenue growth was driven by new mobility wins, robust networking sales and solid systems revenue in North America, which benefited from the PC refresh cycle; strengthening retail and consumer markets in Europe; and better demand in much of Latin America. Non-GAAP operating margin expanded year-over-year for the fifth quarter in a row and we delivered non-GAAP EPS of 54 cents, which was also up after excluding one-time discrete tax items that benefited the 2013 second quarter.

"The global demand environment continued to improve and we remained disciplined in our approach to sales, while selectively making share gains," Monie said, "We are executing well across each of our business lines and I am pleased with our second quarter results, which not only continue to show growth and increased profitability, but are also well aligned with the longer-term goals we set forth at our investor day on June 25th."

Outlook The company currently expects 2014 third quarter worldwide revenue to increase year-over-year in the high single digits. Gross margin is expected to improve solidly over the 2014 second quarter, and be relatively flat with the prior year third quarter. 2014 third quarter non-GAAP operating expense as a percentage of revenue is expected to continue to benefit sequentially over the 2014 second quarter from incremental cost savings related to implementation of the company's global organizational effectiveness program, and year-over-year from revenue leverage.

For earnings history and earnings-related data on Ingram Micro Inc. (IM) click here.

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