SANTA ANA, Calif. (AP) -- A Stern Agee analyst reaffirmed his "Buy" rating on Ingram Micro on Friday, a day after the technology products company reported that its net income more than doubled in the third quarter as sales increased in North America, Latin America and the Asia Pacific region.
Shaw Wu of Sterne, Agee & Leach said in a client note that the quarterly performance was strong and impressive given the difficult economic conditions.
For the period ended Sept. 29, Ingram Micro Inc. said it earned $53.3 million, or 35 cents per share, up from $23.3 million, or 15 cents per share, a year earlier.
Taking out 5 cents per share tied to restructuring actions and other items, earnings were 40 cents per share.
Analysts predicted earnings of 38 cents per share, according to a FactSet poll.
Revenue edged up 2 percent to $9.03 billion from $8.9 billion, with strength in most regions. Wall Street expected $8.78 billion.
While European sales fell 9 percent in U.S. dollars, Ingram Micro said that they were up 1 percent in local currencies. Germany, the U.K. and France experienced solid growth.
For the fourth quarter, the Santa Ana, Calif.-based company expects revenue to be relatively flat with the prior-year period's $9.95 billion. Analysts forecast $9.92 billion.
Wu raised his full-year revenue estimate to $37.3 billion. His prior forecast was for $36.1 billion.
Shares of Ingram Micro fell 2 cents to $15.28 in late afternoon trading on Friday.
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