What: Shares of Ingram Micro (NYSE:IM) jumped on Friday after the company reported its second quarter earnings. While the results were mixed, an initiation of a dividend and an increase of the company's share repurchase authorization was enough good news to balance out the earnings report. At 1:15 Friday afternoon, the stock was up about 9.5%.

So what: Ingram reported quarterly revenue of $10.55 billion, down 3.3% year-over-year and $340 million short of analyst estimates. Currency had a major effect on revenue, with the company growing revenue by 5% in local currencies. Non-GAAP EPS was $0.55, up from $0.54 during the same period last year and a penny higher than analysts were expecting.

Guidance for the third quarter calls for revenue between $10.5 billion and $11 billion, compared to $11.2 billion of revenue during the same period last year. Non-GAAP EPS is expected to be between $0.60 and $0.68, compared to $0.62 during the same period last year.

While Ingram's results and guidance were nothing to write home about, the company did initiate a $0.10 quarterly dividend, payable on September 15. Based on 2014 GAAP earnings, the payout ratio will be around 25%, leaving plenty of room for dividend growth in the future. Ingram also increased its share buyback authorization, first announced in May, by $300 million.

Now what: Ingram reported a mixed quarter, and currency headwinds are taking a toll on the company's results. But the prospect of new share buybacks, as well as the start of quarterly dividend payments, seems to have won investors over.

Ingram's business, wholesale IT distribution, comes with very low margins, but the company has been incredibly consistent over the past decade. With the company now aiming to return one-third of its free cash flow to shareholders annually through buybacks and dividends, investors aren't wrong to bid up the shares.

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