Ingram Micro, the world’s biggest IT distributor, has lowered its third-quarter outlook. It’s now expecting to net $30 million-$39 million, 18-23 cents a share on revenues of $8.3 billion-$8.6 billion.

“Earlier this month, we disclosed that softer economies created more competitive environments in July and August,” its CEO Gregory Spierkel said in a statement. “It’s now clear that this economic softness is continuing into September, which is exerting greater pressure on operating margins. In Europe, we are not seeing the typical September bounce-back from the summer holidays. North America seemed to be relatively stable in the summer months, but we’re experiencing broad-based softness in September.” In response, the company is exiting low-margin business and cutting costs, expecting to see $18 million-$24 million of annualized savings beginning early next year because of a restructuring program.

It’s also trying a freight-recovery initiative to offset rising fuel costs.