Ingram Micro Holding Corporation ( (INGM) ) has released its Q3 earnings. Here is a breakdown of the information Ingram Micro Holding Corporation presented to its investors.
Ingram Micro Holding Corporation operates within the global information technology sector, connecting technology manufacturers and cloud providers with business-to-business technology experts through its digital platform, Xvantage. The company recently released its fiscal third quarter 2024 financial results, highlighting a net sales total of $11.8 billion with a slight year-over-year decline. Notably, the company reported a net income of $77 million and a non-GAAP net income of $159.2 million, reflecting its continued emphasis on profitable growth and strategic advancements.
Ingram Micro’s financial performance for the third quarter of 2024 demonstrated resilience despite a 1.4% decrease in net sales compared to the previous year, primarily due to lower sales in North America and Latin America. However, the Asia-Pacific region saw an increase in sales driven by growth in mobility distribution. The gross margin improved slightly to 7.19% from 7.17%, attributed to a shift towards higher-margin cloud-based solutions. The company’s adjusted EBITDA rose to $331.6 million, showcasing effective cost management and operational adjustments.
The company experienced a decrease in its net income for the quarter, down from $86.8 million in 2023 to $77 million in 2024. However, the adjusted free cash flow improved year-to-date, indicating strong cash management. The restructuring actions taken in previous quarters have contributed to an improved income from operations margin in North America and Latin America, despite overall declines in net sales.
Looking ahead, Ingram Micro’s management remains optimistic about its strategic direction, focusing on expanding the reach and capabilities of its Xvantage platform. The company anticipates growth in sales and profitability as they continue to leverage their geographical expansion and product offerings, with expectations of achieving higher non-GAAP diluted EPS in the upcoming fiscal fourth quarter.
