Brightpoint, Ingram Micro Jump-Start IT Products Stocks (CELL, IM, TECD, PCCC, MALL, SCSC)
Shares of Brightpoint (CELL), the provider of solutions to the wireless technology industry, are soaring 15% after the company reported a second-quarter profit of $11.8 million, 18 cents a share, compared with $7.3 million, or 10 cents a share, a year earlier. On an adjusted basis, the company earned 21 cents a share, topping the 15 cents analysts were expecting. Revenue came in at $1.23 billion, handily beating the $1.08 billion analysts were forecasting.
The news has the Computer and IT Product Distributor Stocks Index trading higher by 2.8%. Brightpoint said it managed 26.93 million wireless devices in the quarter, a 21% increase from a year earlier. For fiscal 2011, Brightpoint expects to manage 111-114 million wireless devices, a 12%-15% increase from last year.
Rival Ingram Micro (IM) is getting in on the act with an 11% jump of its own. The California-based company reported a second-quarter profit of 37 cents a share, which just matched estimates, but revenue grew 7.3% to $8.75 billion. Ingram said its sales in North America, Asia Pacific and Europe, the Middle East and Africa all rose during quarter.
The company added that it finished the quarter with $1.38 billion in cash and cash equivalents, up from $1.02 billion a year earlier and that it repurchased $75 million of its own shares during the quarter and $75 million of its own stock in this month. Ingram didn’t provide specific third-quarter guidance, but expects revenue to grow on a sequential basis.
Investors can track the Computer and IT Product Distributor Stocks Index for performance trends and a suite of other metrics at tickerpsy.com.
More on this topic (What's this?)
(CELL) Brightpoint Remains Neutral (Stock Blog Hub, 6/24/11)
Brightpoint, Inc. (NASDAQ: CELL) Q3 2011 Price Target (Value Investing Experiments, 5/9/11)
Brightpoint’s earnings surge on smartphones (Penny Stock DD, 4/28/11)
|Home | Find | Research | Track | Register | My Account | Logout||Web site design by LightMix|
|© 2011 Indie research Corp. All rights reserved.|