UPDATE: Ingram Micro Q4 Profit Drops 3.4%

Ingram Micro IM reported a 3.4% drop in its fourth-quarter earnings. Ingram Micro's quarterly profit fell to $101.4 million, or $0.66 per share, from $104.9 million, or $0.68 per share, in the year-ago period. Excluding special items, its earnings came in at $0.73 per share, versus analysts' estimates of $0.58 per share. Its net sales climbed 14% to $11.38 billion, while gross margin rose to 5.8% from 5.6%. Ingram Micro shares gained 2.87% to $19.00 in after-hours trading.