Ingram Micro worldwide sales drop 25 percent in Q2
- 31 July, 2009 22:00
In Q2, the distributor’s Asia-Pacific sales hit $US1.5 billion (23 percent of total revenues), a decrease of 21 percent against the second quarter of 2008. The decline was attributed to the economic downturn and weaker regional currencies.
The result, however, was better than Ingram’s other markets with Europe sliding 32 percent, North America down 22 percent and Latin America falling 27 percent.
See also: Ingram NZ revenue gain defies downturn
It is also an improvement on Q1 when the Asia-Pacific region posted a 24 percent year-on-year decline to $US1.38 billion in sales while the distributor reported a drop of 21-percent for worldwide results.
In a statement, Ingram Micro CEO, Gregory Spierkel, said the sequential drop in worldwide sales was consistent with historical seasonal norms over the last few years.
"The company's focus on return on invested capital, sustainable profitability and productivity has served us well," Spierkel said in the statement.
"We ended the quarter with a record cash balance and the highest second-quarter gross margin in 11 years, providing a solid foundation for the future."
Ingram has $US1.3 billion of cash or cash equivalents on hand and debt of $US335 million, down by $US144 million from the end of 2008.