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Ingram Micro announces global blockbuster fourth quarter; Australia performs strongly

Mike Gee | Feb. 17, 2014
Ingram Micro Australia is celebrating hitting budget as globally the company delivered a record-breaking fourth quarter ending December 28, 2013.

Ingram Micro Australia is celebrating hitting budget as globally the company delivered a record-breaking fourth quarter ending December 28, 2013.

It delivered record gross profit, revenue and earnings for the quarter.

The company notes in its statement around the results : "Australia achieved the company's target for non-GAAP [generally accepted accounting principles] operating profitability in the 2013 fourth quarter, improving more than $12 million from the operating loss in last year's fourth quarter."

But the Australian effort was just part of massive quarter for the distributor. Worldwide sales were an all-time record $US11.8 billion, up 4 per cent in US dollars, when compared with $US11.4 billion in the fourth quarter last year.

Worldwide gross profit was $US710 million (6 per cent of total sales), compared with $US661 million (5.81 per cent of total sales) in the 2012 fourth quarter.

Operating income was $US173 million (1.46 per cent of total sales), compared with 2012 fourth quarter operating income of $US168 million (1.48 per cent of total sales). 2013 fourth quarter net income was $US112 million, or $US0.71 per diluted share. This compares with 2012 fourth quarter net income of $US101 million, or $US0.66 per diluted share.

"The fourth quarter marked a strong close to a year where we executed well on our key strategic and financial objectives," Ingram Micro CEO, Alain Monie, said. "We successfully balanced revenue growth with margin and earnings improvement and drove solid operating leverage across the business. The end result of our focus and steady course is evident in our fourth quarter and full year results, which demonstrate excellent progress along the trajectory towards our 2015 financial targets and helped us deliver strong shareholder value for the year."

Non-GAAP operating income for the 2013 fourth quarter was $US211 million (1.78 per cent of total sales). This compares with non-GAAP operating income for the 2012 fourth quarter of $US189 million (1.66 per cent of total sales).

2013 fourth quarter non-GAAP net income was $US139 million, or $US0.88 per diluted share, compared with non-GAAP net income of $US115 million, or $US0.75 per diluted share, in the 2012 fourth quarter.

The effective tax rate for the 2013 fourth quarter was 27 per cent, lower than the company originally anticipated due largely to the recognition of net discrete tax benefits during the quarter, which benefited GAAP and non-GAAP earnings per diluted share by approximately $US0.04

Non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per diluted share are financial measures that exclude the amortisation of intangible assets and charges associated with reorganisation, integration and transition costs.

For the 2013 year, these non-GAAP financial measures also exclude a benefit related to the receipt of $US29.5 million from a LCD flat panel class action settlement and the impact of a $US5.0 million reserve recorded for estimated potential charges related to indirect tax declarations in Europe.

 

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