Ingram Micro Q1 Profit Misses Estimate

(RTTNews) - Ingram Micro Inc. (IM) reported net income for the first quarter of $43 million or $0.27 per share, compared to $25 million or $0.16 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $68 million or $0.43 per share, compared to $68 million or $0.43 per share in the prior year quarter.

Net sales for the first quarter rose 2.5 to $10.64 billion from $10.38 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.44 per share on revenue of $1056 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, Ingram Micro expects sales to to be relatively flat year over year and adjusted earnings per share to be in the range of $0.50 to $0.58. Analysts currently expect the company to earn $0.57 per share on revenue decline of 0.70% for the second quarter.

The company also said it is taking cost actions globally, which are expected to result in annualized savings of about $100 million in 2016. One-time costs associated with the actions are expected to be in a similar range.

Additionally, the company said it plans to resume share repurchases opportunistically under its existing $400 million authorization, which has about $124 million in remaining available capacity.