Ingram Micro Q2 Profit Nearly Triples, Beats Estimates; Dividend Raised
INGM sits 68% above its 52-week low of $18.09.
Summary
Ingram Micro's Q2 net income nearly tripled to $110.9M, with adjusted EPS of $0.82 beating the $0.74 consensus. Revenue jumped 14% to $14.53B, also above estimates, driven by cloud-based solutions. The company raised its quarterly dividend by 2.4% to 8.6 cents per share. This follows a series of secondary offerings by controlling shareholder Platinum Equity, but the strong operational beat and dividend hike signal underlying business momentum. The stock is trading near its 52-week high, and the earnings surprise could fuel further upside.
At the time of this announcement, INGM was trading at $30.40 on NYSE in the Technology sector, with a market capitalization of approximately $7B. The 52-week trading range was $18.09 to $31.69. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.