IT distribution giant Ingram Micro (NYSE:INGM) will be reporting earnings this Thursday after market hours. Here’s what you need to know.
Ingram Micro beat analysts’ revenue expectations last quarter, reporting revenues of $13.96 billion, up 13.7% year on year. It was a strong quarter for the company, with revenue guidance for next quarter exceeding analysts’ expectations.
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 8.4% year on year, slowing from the 10.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will 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 Q2 results, giving us a hint as to what we can expect. TD SYNNEX delivered year-on-year revenue growth of 31%, beating analysts’ expectations by 16.6%, and Knowles reported revenues up 14.3%, topping estimates by 6.3%. Knowles traded down 3.2% following the results.
Read our full analysis of TD SYNNEX’s results here and Knowles’s results here.
There has been positive sentiment among investors in the tech hardware & electronics segment, with share prices up 5.1% on average over the last month. Ingram Micro is up 9.5% during the same time and is heading into earnings with an average analyst price target of $32.58 (compared to the current share price of $30.07).
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