Ingram Micro Swings To Q2 Loss

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

Adjusted earnings for the quarter were $0.55 per share, up from $0.54 per share last year.

Net sales for the quarter dropped to $10.55 billion from $10.91 billion last year.

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

Looking forward to the third quarter, Ingram Micro currently expects adjusted earnings of $0.60 to $0.68 on sales of $10.5 billion to $11.0 billion. Analysts currently estimates earnings $0.67 per share on revenues of $11.3 billion for the quarter.