IM: Ingram Micro Reports and the Tech Spending Outlook Remains Fuzzy
Ingram Micro Inc. (NYSE: IM), the world’s largest technology distributor, announced financial results for the second quarter, which ended June 30, 2007. Worldwide sales for the quarter were $8.19 billion, an 11 percent increase from $7.40 billion in the prior-year period and an all-time record for a second quarter. The translation impact of the relatively stronger European currencies had an approximate three percentage-point effect on comparisons to the prior year.
8% growth ex currency is the type of fairly bland result we have been seeing from tech companies for a long time. I had been turning hopeful as CDW Corp.’s (CDWC) sales growth accelerated, and some of the economic indicators suggested a bottoming out. But EMC’s (EMC - Annual Report) results and the durable goods report are throwing cold water on the thesis. Ingram didn’t make things worse, but it didn’t make them better either.
Like this article? Why not try out:
