Ingram Micro Sales Rise 13.6% as Asia-Pacific Growth Accelerates
The technology distributor reported non-GAAP diluted earnings of $0.82 a share, surpassing the high end of its previous guidance.
Ingram Micro Holding (INGM) reported second-quarter net sales of $14.5 billion, an increase of 13.6% year over year.
The results reflect a sustained growth trajectory for the technology distributor, following a 13.7% increase to $14.0 billion in the first quarter. The company's performance was characterized by strong regional expansion in emerging markets and a shift in product mix toward artificial intelligence infrastructure.
Non-GAAP diluted earnings per share for the quarter were $0.82, exceeding the guidance range of $0.68 to $0.78 provided in the prior quarter. Adjusted EBITDA grew 21.0% to $355.8 million, up from $293.9 million in the same period last year.
Gross margin expanded slightly to 6.60% from 6.56% a year earlier, though a shift toward lower-margin AI-infrastructure products tempered the gain. Income from operations margin rose to 1.62% from 1.12%, as SG&A reductions and operating leverage offset the impact of the AI product mix.
Regional performance diverged across the company's global footprint. Asia-Pacific became the second-largest region by net sales, reaching $4.4 billion, a 27.1% increase year over year. Operating margin in Asia-Pacific also rose to 2.13% from 1.25%. Latin America saw net sales increase 27.0% to $1.1 billion, while its operating margin expanded to 3.74% from 2.94%.
In North America, operating margin increased to 1.39% from 0.66%, aided by headcount reductions and the absence of prior-year write-downs. Conversely, EMEA operating margin compressed to 1.46% from 1.60% due to bad debt expense and higher restructuring costs.
Cash used in operations increased to $533.2 million from $298.0 million in the prior year's second quarter, due to heavier inventory investment to mitigate supply constraints.
For the third quarter, the company expects net sales between $13.55 billion and $13.95 billion, representing a year-over-year increase of 7.5% to 10.7%. Non-GAAP diluted EPS is projected to be between $0.72 and $0.82.
Ingram Micro increased its quarterly dividend to $0.086 a share, a 2.4% sequential increase from the first quarter. The company also completed a secondary offering in May 2026 for 14.5 million shares, which included a purchase of 1.2 million shares to reduce the stake of its primary shareholder.