Ingram Micro, the world largest distributor, reported revenue of $6.84 billion for the quarter, a year-over-year increase of nearly 20 percent. Net income rose 61 percent to $41.7 million, or 26 cents a share, compared to $25.9 million, or 16 cents a share, for the same period one year ago.

The quarter's performance was driven by strong sales overseas. European revenue rose 15 percent year-over-year, though favorable currency rates contributed approximately 5 percentage points to the growth rate, while Asia Pacific increased 18 percent.

Ingram Micro says it will continue to move into adjacent markets, such as home technologies and consumer electronics via its recent acquisition of AVAD, making it less dependent on commodity products with lower margins. Spierkel also said Ingram Micro was upbeat regarding its relationship with its largest vendor, Hewlett-Packard, despite the company's recent restructuring.

For the third quarter ending Oct. 1, Ingram Micro anticipates revenue between $6.8 and $7 billion, with earnings excluding special items to range from $48 million to $53 million, or 29 cents to 32 cents a share.

By: DocMemory
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