Ingram Micro (INGM) Q4 2024 earnings summary

Executive summary

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

• Full-year 2024 net sales were $48.0B, flat versus 2023 on a reported basis, 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 weakness in networking.

• Large enterprise customer sales were strong globally, while 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.

Financial highlights

• Q4 gross profit was $936M (7.01% margin), down from $978.7M (7.52%) year-over-year; full-year gross profit was $3.44B (7.18% margin), down 20 bps year-over-year.

• Q4 non-GAAP net income was $213.1M; full-year non-GAAP net income was $627.9M; Q4 non-GAAP diluted EPS $0.92, full-year $2.79.

• Q4 adjusted EBITDA was $418.1M; full-year adjusted EBITDA was $1.32B.

• Q4 adjusted free cash flow was $337.2M; full-year adjusted free cash flow was $443.3M.

• $483M of debt repaid in 2024; $1.56B repaid since 2022.

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, though short-term margin pressure expected from CES and India.

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

• Long-term OpEx as a percent of net sales targeted below 5% as Xvantage deployment matures.