Ingram Micro (INGM) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales reached $13.34B, up 3.3% year-over-year FX-neutral, with strong Asia-Pacific and Latin America performance and a return to growth in North America; FY 2024 net sales were $48.0B, up 0.3% FX-neutral.

• Cloud and Client/Endpoint Solutions drove both Q4 and full-year growth, while Advanced Solutions saw double-digit growth in server and storage but continued networking weakness.

• Large enterprise customer sales were strong globally; SMB and public sector remained soft but show early signs of recovery.

• Xvantage digital platform rollout expanded to 16 countries, driving operational efficiencies and customer value.

• Returned to public markets in October 2024, with a sharpened focus on technology solutions and value-added services.

Financial highlights

• Fiscal 2024 net sales were $48.0B, flat year-over-year, up 0.3% FX-neutral; Q4 net sales were $13.34B, up 2.5% year-over-year (3.3% FX-neutral).

• Fiscal 2024 gross profit was $3.44B (7.18% of net sales), down 20 bps year-over-year; Q4 gross profit was $936.1M (7.01% margin), down 51 bps.

• Non-GAAP net income for 2024 was $628M; non-GAAP diluted EPS $2.79; Q4 non-GAAP net income $213.1M, EPS $0.92.

• Adjusted EBITDA for 2024 was $1.32B; Q4 adjusted EBITDA $418.1M.

• Adjusted free cash flow for 2024 was $443.3M; Q4 adjusted free cash flow $337.2M.

Outlook and guidance

• Q1 2025 net sales expected at $11.43–$11.83B, up 2.6% year-over-year at midpoint.

• Q1 2025 gross profit guidance: $785–$835M; non-GAAP diluted EPS $0.51–$0.61.

• Gross margins expected to expand over time as mix shifts to higher-margin advanced solutions and cloud.

• Continued investment in digital and Xvantage platform, with OpEx as a percent of net sales expected to fall below 5% longer-term.

• Outlook reflects strengthening in North America and Latin America, but softer demand in Western Europe and pricing pressures in India.