Ingram profit hits quarterly record

Computer and electronics distributor Ingram Micro Inc. said fourth-quarter earnings rose 24% as favorable exchange rates pushed sales past $10 billion for the first time.

Net income rose to $114.1 million, or 64 cents a share, from $91.7 million, or 53 cents, a year earlier. The latest quarter includes one-time gains of 3 cents a share.

Analysts expected profit of 60 cents a share, according to Thomson Financial.

Sales rose 13% to $10.01 billion, surpassing Wall Street’s forecast of $9.86 billion. The Santa Ana-based company posted 16% higher sales in Europe, the Middle East and Africa, and 29% higher in Asia.

Ingram Micro stock fell 61 cents to $17.49.