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Ingram Micro shares rise after second-quarter results beat Street
(AP) 02:03:28 PM (ET), Saturday, July 31, 2010 (SANTA ANA, Calif.)
Shares of technology marketer and distributor Ingram Micro Inc. rose Friday after its second-quarter results exceeded Wall Street expectations.

The company, based in Santa Ana, said late Thursday that it earned $67.7 million, or 41 cents per share, in the quarter that ended June 30. That was up from the $25.3 million, or 15 cents per share, it earned a year earlier.

Revenue rose 24 percent to $8.16 billion from $6.58 billion,

Analysts polled by Thomson Reuters were on average expecting earnings of 37 cents per share on $7.9 billion in revenue.

Ingram shares rose 36 cents, or 2.2 percent, to $16.53 in Friday afternoon trading.

CEO Gregory Spierkel said every region did well, with the strongest increases in North America.

The gross margin fell to 5.36 percent from 5.87 percent a year ago. "This reflects a strategic decision to leverage gross margin to drive growth and higher profits," the company said.

Spierkel said he expects third-quarter revenue to be flat with the second quarter, with stable gross margins. Analysts were expecting $8.12 billion in third-quarter revenue, and 38 cents per share in earnings.


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* Though this should of been under the Investing section,this one is hot ! *

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