Arrow Cuts 2Q Profit Outlook, Lowers Revenue Goal

MELVILLE, N.Y. (AP) — Arrow Electronics Inc. on Wednesday narrowed its goals for the fiscal second quarter, saying the global economic crisis is hurting its European components business.

Arrow now expects a profit of 26 to 31 cents per share and revenue of $3.05 billion to $3.65 billion for the quarter ending July 4. The company originally forecast a profit of 26 to 38 cents per share and $3.15 billion to $3.75 billion in revenue.

Analysts expect a profit of 35 cents per share and $3.51 billion in revenue on average, according to Thomson Reuters.

Arrow said global enterprise computing solutions sales in June will play a major role in determining its quarterly results.

The Melville, N.Y.-based company is scheduled to hold its investor day in New York City on Thursday.