Disties
Distribution giants Avnet and Ingram Micro both reported yesterday. Avnet managed revenue of $4.49 billion and net income of $92.8 million - EPS of 67 cents, which was three cents short of expectations. Avnet also announced plans to cut annual expenses by $50 million, which could well include job cuts.
Ingram did a bit better with quarterly sales of $8.28 billion short of expectations but EPS of 27 cents beating analyst's expectations by four cents "Our proactive steps to walk away from unprofitable business and recover freight costs, combined with softening demand in our three largest regions, had a negative impact on worldwide sales growth, said CEO Greg Spierkel.
