Ingram Micro 3Q profit falls but beats Street view

Ingram Micro says 3Q profit drops as sales fall but still beats Street view; shares rise

• On 7:41 pm EDT, Thursday October 29, 2009

SANTA ANA, Calif. (AP) -- Technology marketer and distributor Ingram Micro Inc. said Thursday its third-quarter profit fell but CEO Gregory Spierkel said the company made progress in reviving its falling sales.

The shares rose in aftermarket trading after the results beat a Wall Street consensus estimate.

The company, based in Santa Ana, Calif., earned $42.3 million, or 25 cents per share, in the quarter that ended Oct. 3. That is down from the $46.4 million, or 27 cents per share, it earned a year earlier.

Adjusted profit of 29 cents per share, which excluded restructuring costs of 4 cents per share, beat a 20-cent-per-share prediction of analysts polled by Thomson Reuters.

Revenue fell 11 percent to $7.38 billion from $8.28 billion, but also easily beat analysts' $6.65 billion average estimate.

Ingram shares rose 42 cents, or 2.4 percent, to $17.90 in aftermarket trading after closing Thursday at $17.48, up 3 percent on the day.