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Ingram Micro Q4 tops forecasts, warns of weaker Q1
SANTA ANA, Calif., Feb 28 (Reuters) - Computer product distributor and marketer Ingram Micro Inc. (NYSE:IM - news) on Wednesday reported fourth quarter earnings that topped forecasts by a cent, but said it was experiencing a significant slowdown in demand.
The Santa Ana, Calif-based company said its net income was $57.9 million, or 39 cents a share in the quarter, compared to net income of $75 million, or $51 cents a share. Net sales for the quarter were $8.07 billion vs. $7.83 billion.
Wall Street analysts were expecting the company to post earnings of 38 cents a share for the fourth quarter.
Citing a weak economic outlook and lower spending on technology, Ingram said it expected sales to decline in the first quarter from year-ago sales, to between $7.3 billion and $7.6 billion.
Net income for the quarter was projected to fall to between $22 million and $27 million, or 15 to 18 cents per diluted share.
Shares of Ingram Micro closed down 2.8 percent or off 40 cents to $13.80 on the Nasdaq. |
