IT distribution giant Ingram Micro (NYSE: INGM) will be announcing earnings results this Thursday after the bell. Here’s what you need to know.
Ingram Micro beat analysts’ revenue expectations last quarter, reporting revenues of $14.88 billion, up 11.5% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ EPS estimates.
Is Ingram Micro a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Ingram Micro’s revenue to grow 4.2% year on year, slowing from the 8.3% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ingram Micro has a history of exceeding Wall Street’s expectations.
Looking at Ingram Micro’s peers in the tech hardware & electronics segment, some have already reported their Q1 results, giving us a hint as to what we can expect. TD SYNNEX delivered year-on-year revenue growth of 18.1%, beating analysts’ expectations by 9.5%, and Jabil reported revenues up 23.1%, topping estimates by 6.8%. TD SYNNEX traded up 16.3% following the results while Jabil was also up 1.1%.
Read our full analysis of TD SYNNEX’s results here and Jabil’s results here.
There has been positive sentiment among investors in the tech hardware & electronics segment, with share prices up 13.1% on average over the last month. Ingram Micro is up 33% during the same time and is heading into earnings with an average analyst price target of $27.01 (compared to the current share price of $29.72).
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