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US hardware and services wholesaler Ingram Micro (NYSE: IM) saw double-digit growth in local currencies in its operations in Mexico and Argentina during the fourth quarter of 2010, company CFO William Humes said during a conference call with investors.
The company posted Latin American revenues of US$496mn in the quarter, up from US$446mn in the year-ago period.
The executive said stronger local currencies in Latin America had a four percentage point positive impact on revenue growth. However, "Brazil contracted as we continued to make structural and management adjustments for the long term," Humes said.
Ingram Micro's Latin America operating income was US$17.5mn in the quarter compared with US$20.9mn in the year-ago period. "The region's decline in operating income and margin is attributable to operating challenges in Brazil," he added.
Company CEO Gregory Spierkel said the company also experienced strong demand from Chile, "as the country continues to recover from the epic earthquake experienced earlier this year."
For full 2010, the company posted revenues of US$1.6bn in Latin America, up from US$1.46bn the previous year.
Globally, the company posted Q4 revenues of US$9.88bn, an increase of 12% compared with US$8.81bn in 4Q09. Net profits reached US$115mn in the quarter, up from US$107mn in the year-ago period.
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