As the company issued its results for the fourth quarter to 31 December 2000, he revealed: “Regardless of how the market unfolds, the management team is focused on three key drivers.
“We are looking to grow at or above the market growth, retain the gross margin gains we achieved in 2000 and take cost out of our business with the same level of intensity that we focused on gross margin improvement in 2000,” he added.
Ingram’s net income for the quarter was $57.9m (£38.6m). Net sales for the quarter stood at $8.07bn.
The company’s European president, Greg Spierkel, admitted sales had been “ugly” in certain parts of the world towards the end of the year, with European sales affected by the slowdown.
“Things were slow in the fourth quarter, but on a full-year basis we managed to grow by just under three per cent in US dollars, although the euro dropping by nearly 20 per cent on the dollar over the year had a big impact on translating our revenues into dollars.”
Looking at the prospects for the year ahead, Spierkel added: “The psychology of the US is impacting on Europe and is creating a more cautionary market. I still think we will eke out some small growth though.”
This was first published in March 2001