Ingram Micro Reports 2019 Fiscal Year Financial Results

IRVINE, Calif.–(BUSINESS WIRE)–Ingram Micro Inc. today announced financial results for the 2019 fiscal year ended Dec. 28, 2019. Ingram Micro delivered robust revenues and record profits for the year, including double-digit increases in Cloud and Commerce & Lifecycle Services revenues and profitability, as the company benefited from a strategic focus on growing high-value services and solutions. Worldwide 2019 fiscal year sales were $47.2 billion, a decrease of $3.2 billion, or 6 percent in USD, as the company focused on delivering a better mix of higher margin sales.

The translation of foreign currencies compared to last year had a negative impact of approximately $1.2 billion, or nearly 2.5%, on 2019 fiscal year sales. The company also said that the adoption of ASC 606, related to changes in the reporting of certain software revenue transactions from a gross to a net basis, had a negative impact to fiscal 2019 annual sales of approximately $1.5 billion, or 3%, when compared to fiscal 2018 annual sales.

2019 fiscal year gross profit increased by $170 million to $3.3 billion, with gross margin growing by 79 basis points to 7.09 percent. This compares to sales of $50.4 billion, gross profit of $3.2 billion and gross margin of 6.30 percent for the 2018 fiscal year. 2019 fiscal year non-GAAP operating income increased by more than $80 million to $820 million, or 1.73 percent of revenue, a 27 basis-point increase over last year, with non-GAAP net income for the 2019 fiscal year up $70 million to $530 million. This compares to 2018 fiscal year non-GAAP operating income of $730 million, or 1.46 percent of revenue, and non-GAAP net income of $460 million.

2019 fiscal year GAAP operating income and net income were $700 million, or 1.48 percent of revenue, and $505 million, respectively, including: the pre-tax negative impact of $73 million in amortization expense and $48 million in restructuring, acquisition and transition costs, partially offset by the pre-tax positive impact of the receipt of an LCD flat panel class action settlement of $4 million and the $58 million tax benefit related to a worthless stock deduction. This compares to 2018 fiscal year GAAP operating income and net income of $550 million, or 1.09 percent of revenue, and $350 million, respectively.

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