Ingram Micro Q2 Profit Tops Estimate; Outlook Weak

(RTTNews) - Ingram Micro Inc. (IM) reported a net loss for the second quarter of $34 million or $0.22 per share, compared to net income of $51 million or $0.32 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $88 million or $0.55 per share, compared to $86 million or $0.54 per share in the prior year quarter.

Net sales for the second quarter fell 3% to $10.55 billion from $10.91 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.54 per share on revenue of $10.89 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, Ingram Micro forecasts sales of $10.5 billion to $11.0 billion and adjusted earnings of $0.60 to $0.68 per share. Analysts currently expect the company to earn $0.67 per share on revenue of $11.30 billion for the third quarter.