Ingram Micro's 2nd Quarter U.S. Sales Drop 24%

Staff On Aug 20 2001 - 6:00am




With second-quarter sales negatively affected by the sluggish demand for technology items, computer products distributor Ingram Micro reported a 24 percent decline in net sales in the United States, to $3.39 billion, compared with the same three months last year. U.S. revenue accounted for 57 percent of the company's worldwide total.

Overall, net sales at Ingram Micro hit $6 billion in the second quarter, down 17.5 percent from the $7.3 billion recorded in the second quarter of 2000.

The demand slump during the second three months also affected second-quarter operating income at the company. Income from operations in the United States was off 65 percent, to $22.4 million, in the three months ended June 30. Overall income from operations before reorganization costs dropped 69 percent to $23.9 million, down from $76.4 million in the year-ago three months.

For the six months, Ingram Micro net sales declined 12.5 percent to $13.2 billion, compared with $15.1 billion in the same period in 2000. Six-month sales in the United States were $7.3 billion. Overall six-month income from operations before reorganization costs was $94.3 million, down from $146.9 million in the first half of last year.

According to the company's forecast for the third quarter ending Sept. 29, sales are expected to range from $5.7 billion to $6 billion, with net income before any non-recurring items expected to range from break-even to $6 million.

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