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Arrow Electronics Revenue Advances Year Over Year

Stocks in this article: ARW

Arrow Electronics, Inc. (NYSE:ARW) today reported third quarter 2013 net income of $96.8 million, or $.95 per share on a diluted basis, compared with net income of $103.6 million, or $.94 per share on a diluted basis in the third quarter of 2012. Excluding certain items in both the third quarters of 2013 and 2012 1, net income would have been $119.9 million, or $1.18 per share on a diluted basis, in the third quarter of 2013 compared with net income of $119.3 million, or $1.09 per share on a diluted basis, in the third quarter of 2012. Third quarter sales of $5.05 billion increased 2 percent from sales of $4.96 billion in the prior year.

“We again produced excellent results in the third quarter, with revenue and adjusted earnings per share growing 2 percent and 8 percent, respectively, year over year. In a global macro environment that remains unsettled, we continue to execute well,” said Michael J. Long, chairman, president, and chief executive officer, “striking the right balance between maximizing our performance in the short term and investing in our long term strategy. In addition to growing the business and expanding margins, we invested in acquisitions that will accelerate our growth.”

Global components third-quarter sales of $3.47 billion increased 3 percent year over year and were in line with expectations. Sales, as adjusted, increased 1 percent year over year. In the Americas, sales increased 2 percent year over year. European sales, as adjusted, advanced 4 percent year over year. Sales in the Asia-Pacific region were essentially flat year over year. Global components operating income, as adjusted, grew 6 percent year over year to $169.1 million.

Global ECS third-quarter sales of $1.58 billion decreased 1 percent year over year. Sales, as adjusted, declined 2 percent year over year. In the Americas, sales growth was 3 percent year over year. In Europe, sales, as adjusted, decreased 14 percent year over year. The company noted that both regions were affected by the quarter end cut off, which was earlier than some of their suppliers. Global ECS operating income, as adjusted, grew 7 percent year over year to $63.7 million.

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