Ingram Micro Reports 2021 First Quarter Financial Results

IRVINE, Calif.–(BUSINESS WIRE)–Ingram Micro Inc. today announced financial results for the 2021 first quarter ended Apr. 3, 2021. The company said its business is benefiting from strong demand for the technology products and services necessary to support the “next normal” with new and innovative solutions to facilitate hybrid working, learning and general everyday living environments. This continued demand, along with the global shift to greater reliance on e-commerce related activities and heightened demand for cloud-based platforms and offerings, helped drive strong double-digit growth in net sales and gross and operating profitability across all lines of business.

Worldwide 2021 first quarter net sales were $13.4 billion, an increase of nearly $2.5 billion, or 23 percent in USD. The translation of foreign currencies compared to 2020 had a positive impact on 2021 first quarter net sales of 4.3 percent. 2021 first quarter gross profit increased by $189 million, or 24 percent, to $984 million, with gross margin growing to 7.32 percent. This compares to net sales of $11 billion, gross profit of $795 million and gross margin of 7.26 percent for the 2020 first quarter. 2021 first quarter non-GAAP operating income increased by more than $100 million to $264 million, or 1.96 percent of net sales, up 51 basis-points over last year, with non-GAAP net income for the 2021 first quarter increasing more than $75 million to $178 million. This compares to 2020 first quarter non-GAAP operating income of $158 million, or 1.45 percent of net sales, and non-GAAP net income of $101 million. 2021 first quarter GAAP operating income was $246 million, or 1.83 percent of net sales, and GAAP net income was $173 million (with the primary GAAP to non-GAAP difference made up of pre-tax amortization expense of $16 million and our Pan-European entity’s foreign currency exchange gain of $8 million). This compares to 2020 first quarter GAAP operating income and net income of $140 million, or 1.28 percent of net sales, and $91 million, respectively.

The company said Platinum Equity’s acquisition of Ingram Micro from HNA Technology Co., Ltd. is expected to close at the end of the 2021 second quarter.

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