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Ingram Micro confirms second quarter guidance

by Stuart Wilson, Friday 6 June 2008

Global distribution giant Ingram Micro has reaffirmed its financial guidance for the second quarter ending June 2008. The company still expects sales to come in at between US$8.5billion and US$8.75billion with profits in the range of US$59m to US$64m. Ingram’s profit forecasts do not take into account costs related to the expense reduction plans underway in EMEA and North America.

"Despite the challenges of the marketplace, we remain comfortable with the second-quarter guidance we provided in April," said Greg Spierkel, CEO at Ingram. "While ongoing economic softness in North America and Europe created pockets of more competitive pricing in those regions, we remain firmly committed to enhancing our gross margin profile over time.”

“We employ a surgical pricing strategy, capturing share through lower pricing only when it makes strategic sense, as we are not interested in pursuing sales that do not contribute to profitability and returns. Our margins are also supported by geographic diversification and growth initiatives, which serve us well in the current economic environment," he added.

Ingram also updated information on its share repurchase programme, stating that it had spent approximately US$155m of its US$300m repurchase authorisation as of May 30th 2008.

Elsewhere on the distributor results front, Cyprus-quoted Logicom has revealed its figures for the first quarter of 2008. Revenues climbed 31% to US$145.9m with after-tax profits almost doubling to hit US$4.49m

Logicom has physical presence in 14 countries, employs over 280 professionals and services more than 4,000 customers in 20 countries in Europe, the Middle East, North Africa and Asia.

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