Ingram Micro's Q3 Latin American sales increase 13% to US$420mn

- Friday, October 28, 2011

Ingram Micro's Q3 Latin American sales increase 13% to US$420mn

US hardware and services wholesaler Ingram Micro (NYSE: IM) posted 13% growth in net sales in Latin America during the third quarter of 2011 to US$420mn, compared to US$371mn in the year-ago period, the company said in a statement.

The region accounted for 5% of the company's total sales.

Ingram Micro's Latin American operating income jumped 76.1% to US$6.2mn in the quarter, compared to US$3.5mn in the year-ago period. The increase over the prior year is attributable to continued strong performances in Mexico and in the company's Miami export operations.

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Globally, the company posted Q3 revenues of US$8.90bn, a 5.3% increase compared to US$8.45bn in 3Q10. However, net profits reached US$23.3mn in the quarter, down from US$64.9mn in the year-ago period.

Net income was affected by charges totaling US$28.8mn, including a non-cash valuation allowance of US$24.8mn recorded against the company's deferred tax assets in Brazil, driven by continuing losses generated in that business unit. Also having an effect was a US$4mn after-tax charge related primarily to the termination of the company's interest rate swap associated with the repayment of its term loan in September, which had US$225mn in outstanding principal and was replaced by a more flexible US$750mn revolver.

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