Ingram Micro Reports 2020 Fiscal First Quarter Financial Results
Summary
IRVINE, Calif.--(BUSINESS WIRE)--Ingram Micro Inc. today announced financial results for the 2020 fiscal first quarter ended Mar. The translation of foreign currencies compared to last year had a negative impact of approximately $200 million, or nearly 2%, on 2020 first quarter sales. The company said that it began to see a slowdown in demand in March of 2020 related to the COVID-19 pandemic, particularly in certain services and Advanced Solutions categories. Non-GAAP net income also excludes the impact of foreign exchange gains or losses related to the translation effect on Euro-based inventory purchases in Ingram Micro’s pan-European entity. Ingram Micro’s management believes these non-GAAP financial measures are useful because they provide meaningful comparisons to prior periods and an alternate view of the impact of acquired businesses.