Ingram shares fall on cut in outlook
From Times Wire Services
Shares of Ingram Micro Inc., the Santa Ana distributor of computer equipment, slid 2.7% after reducing its third-quarter profit and sales forecasts.
Net income will be 18 cents to 23 cents a share on revenue of $8.3 billion to $8.6 billion for the period ending Sept. 27, Ingram said. In July, the company predicted 31 cents to 36 cents on sales of $8.5 billion to $8.8 billion.
The lowered estimates reflect “intense pricing pressure in both North America and Europe,” Matthew Sheerin, an analyst at Thomas Weisel Partners, said in a note to investors.
Ingram shares lost 47 cents to $17.05.
