Ingram Micro Q3 Revs, Profits Soar Past Ests

Ingram Micro (IM), a largest technology distributor, posted much better-than-expected Q3 results.

For the quarter, revenues were $7.38 billion, down 11% from a year ago due the soft economic environment, but much better than the Street consensus of $6.65 billion. Profits of 25 cents a share beat the Street by five cents.

CEO Gregory Spierkel said in a statement that “an improving demand environment, stronger foreign currencies and our proactive efforts to engage our customers yielded solid results this quarter.”

The company said it expect year-over-year sales declines over the balance of the year to be reduced below 10% “aided by improving demand and our emphasis on a better customer engagement.”

In late trading, IM is up 42 cents, or 2.4%, to $17.90.