On Thursday, the largest distributor of technology products and consumer electronics, Ingram Micro Inc., which is a Santa Ana based company, has released its third quarter reports. Though the results were low as compared to the previous year, but they were ahead of Wall Street’s estimates.

The sales were down form the past year at $7.38 billion but were above the estimates of Wall Street of $6.65 billion. The profits were reported at approximately $47 million, again above the analyst’s expectations. A total of $42 million were reported as earnings of Ingram that included the charges as well.

Greg Spierkel, who is the Chief Executive of Ingram, offered a marginally positive outlook for the current quarter. He said that, “We anticipate year-over-year sales declines to be reduced to single-digit percentages, aided by improving demand and our emphasis on a better customer engagement”. This indicates that he is very optimistic about the future and aims for better recovery.

“Careful control of operating expenses” is what the company has decided to pursue and it is also going to include two programs of cost cutting by the end of this year. This will mark additional savings of $140 million on a yearly basis for the company. A sum of $70 million is expected in profits with sales of around $7.54 billion by the analysts on Wall Street. In after hours trading, the company’s shares reached a market value of about $3 million.

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