Arrow Electronics

(ARW) - Get Report

reported fourth-quarter earnings today that beat Wall Street's slightly raised estimates by one penny and said it expects first-quarter earnings to be 3 cents above analysts' expectations.

Citing its October acquisition of

Wyle Systems

, a computer products business, as a factor in its growth, Arrow reported earnings of $109 million, or $1.09 a share, for its fourth quarter ended Dec. 31. In the year-ago period, the company earned $44 million, or 46 cents a share. Five analysts surveyed by

First Call/Thomson Financial

expected Arrow, which is based in Melville, N.Y., to report earnings of $1.08 a share.

The electronics components distributor reported fourth-quarter revenue of $3.7 billion, up from $2.5 billion in the same quarter one-year ago.

Arrow anticipates first-quarter earnings of $1.09 a share, before the dilutive effect of zero-coupon convertible debentures and a one-time charge. According to

First Call/Thomson Financial

, three analysts expect the company to earn $1.06 a share, which is 2 cents lower than their initial consensus of $1.08 a share.

"We continue to see cancellations and rescheduled orders among a narrow slice of our customer base, namely the large, visible telecom and networking companies and their contract manufacturing partners, but we also see continuing strength among the balance of our customers,'' the company said.

Shares of Arrow closed off 81 cents, or 2.8%, at $28.10 on the

New York Stock Exchange

Tuesday.