July 26, 2007 / 8:50 PM / 12 years ago

UPDATE 1-Ingram Micro net down on charge; COO to resign

(Adds share movement, company forecast)

SAN FRANCISCO, July 26 (Reuters) - Ingram Micro Inc IM.N, the world’s largest computer products distributor, posted a lower quarterly profit on Thursday as it recorded a charge stemming from a regulatory inquiry.

Net income in the company’s second quarter fell to $52.4 million, or 30 cents per share, from $53.8 million, or 32 cents per share, a year earlier. Revenue advanced to $8.19 billion from $7.4 billion.

Analysts, on average, had forecast earnings per share of 36 cents per share on revenue of $8.11 billion, according to Reuters Estimates.

Ingram Micro shares slipped 7 cents to $20.53 following the earnings report after closing down 1.9 percent in regular-session trading on the New York Stock Exchange. The stock had gained 18 percent over the past 12 months as of Wednesday’s close and was up 3 percent so far this year.

Ingram Micro, based in Santa Ana, California, earlier this month said it would record a $15 million charge in the second quarter for estimated losses related to a U.S. Securities and Exchange Commission inquiry. The SEC review stems from certain transactions with McAfee Inc MFE.N from 1998 through 2000.

Including the charge of 5 cents per share, the company said on July 2 it expected second-quarter earnings of 29 cents per share to 32 cents per share.

Ingram Micro also said on Thursday that Kevin Murai, president and chief operating officer, planned to resign at the end of 2007. He will be replaced by Alain Monie, executive vice president and president of Ingram Micro Asia-Pacific.

For its third quarter ending Sept. 29, Ingram Micro forecast net income from $67 million, or 38 cents per share, to $71 million, or 40 cents per share. The company sees third-quarter sales ranging from $8.3 billion to $8.5 billion.

Analysts, on average, have been forecasting third-quarter net income of $71.1 million, or 39 cents per share, and revenue of $8.14 billion, according to Reuters Estimates. (Reporting by Philipp Gollner)

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