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Arrow Electronics' Earnings Rise

A surge in revenue boosts the bottom line by 35%.

Arrow Electronics (ARW) - Get Arrow Electronics, Inc. Report said Wednesday that its third-quarter earnings rose 35%, due to higher revenue.

The electronic-components maker earned $85.9 million, or 70 cents a share, in the quarter, compared with $63.5 million, or 52 cents a share, a year ago.

Adjusted for restructuring charges of 1 cent a share but including 2 cents a share due to stock-option expenses, EPS was 71 cents. Analysts polled by Thomson First Call were expecting EPS of 70 cents a share in the most recent quarter.

Third-quarter revenue rose 27% to $3.45 billion as against analysts' expectation of $3.3 billion.

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In the fourth quarter, the Melville, N.Y.-based company expects to earn 71 cents to 75 cents a share on revenue of $3.425 billion to $3.625 billion in the fourth quarter. Analysts are expecting EPS of 74 cents on sales of $3.45 billion for the same period.

Operating income for the quarter was $152.5 million, compared with $118.2 million in the same quarter a year ago.

"We again delivered strong results across all of our businesses, further demonstrating our consistent record of executing on the fundamentals of our business strategy," the company said. "Sales reached a record third quarter level and operating income, earnings per share, and return on invested capital showed strong year-over-year improvement for the fifth consecutive quarter."

The company's shares were trading up 58 cents, or 2%, to $29.61 Wednesday.

This story was created through a joint venture between TheStreet.com and IRIS.