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Ingram Reports Strong Q3 Results

10/25/2007 03:15:00 PM Eastern

Santa Ana, Calif. — Ingram Micro reported double-digit gains in its third quarter sales and net income.

Worldwide sales were $8.61 billion for the third quarter, ended September 30, a 15 percent increase over the $7.51 billion posted in the year-ago period and an all-time record for a third quarter. The translation impact of the relatively stronger foreign currencies had an approximate five percentage-point positive effect on comparisons to the prior year, Ingram said.

Third-quarter net income increased 24 percent to $72.4 million, compared with $58.5 million in the prior-year period.

“We’re pleased to deliver another record-breaking quarter,” said Gregory M. Spierkel, CEO. “Our record sales were driven primarily by robust growth in Asia-Pacific and Europe. North America and Latin America operations both posted meaningful revenue growth, consistent with investments in expansion initiatives.”

North American sales were $3.50 billion (41 percent of total revenues), an increase of 4 percent versus the $3.37 billion reported in the year-ago quarter. As described in the first six months of this year, warranty sales on behalf of vendors are now recognized as net fees, rather than gross revenues and cost of sales as reported in the prior-year period, which had an approximate four percent negative impact on year-over-year sales comparisons, the company said.

Worldwide operating income was $111.0 million, or 1.29 percent of revenues, as compared to $93.8 million or 1.25 percent of revenues in the year-ago quarter. North American operating income was $55.4 million, or 1.58 percent of revenues, versus $55.3 million, or 1.64 percent of revenues, in the year-ago quarter.

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