Generally Accepted Accounting Principles (GAAP) operating income for the 2016 first quarter was $US38 million and GAAP earnings were $US0.01 cent per diluted share, compared to GAAP operating income of $US98 million and GAAP earnings of $US0.27 per diluted share in the year-earlier period.
Ingram said 2016 first quarter GAAP results were negatively impacted by costs associated with the pending merger with Tianjin Tianhai, as well as higher reorganisation, integration and transition costs and higher amortization expense due to previously acquired customer relationships that were written-off as a result of the integration of certain operations into the company's existing facilities, and recent acquisitions.
2016 first quarter non-GAAP operating income was $US101 million and non-GAAP earnings were $US0.35 per diluted share, compared to non-GAAP operating income of $US125 million and non-GAAP earnings of $US0.43 per diluted share in the 2015 first quarter.
Compared to the same period in 2015, the translation of foreign currencies negatively impacted 2016 first quarter non-GAAP earnings by $US0.03 cents per diluted share. A better mix of high value sales was more than offset by negative leverage related to lower sales in a number of countries, as well as continued strategic investment, particularly in international markets, the company said.
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