Arrow Electronics Net Rises

The fourth quarter beats targets.
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Arrow Electronics

(ARW) - Get Report

said its fourth-quarter profits rose 56% from a year ago due to an increase in operating income.

The company earned $74.4 million, or 60 cents a share, for the quarter, compared with $47.7 million, or 40 cents a share, a year ago. Excluding restructuring charges and other items the company earned 63 cents a share. Analysts polled by Thomson First Call were estimating earnings of 58 cents a share in the most recent quarter.

Fourth-quarter revenue rose 8.8% from a year ago to $2.96 billion. Analysts polled by Thomson First Call were estimating revenue of $2.87 billion.

The company forecasts first-quarter earnings of 58 cents a share to 61 cents a share, including stock options expenses of 2 cents a share, but excluding restructuring and other charges. Analysts polled by Thomson First Call were estimating 59 cents a share.

Excluding the items impacting comparability, fourth quarter operating income rose 26% to $138.5 million.

"We again delivered strong results across all of our businesses with operating income growing three times faster than sales and cash flow well ahead of our expectations," said CEO William E. Mitchell. "Our initiatives to drive for greater earnings growth and to better manage our balance sheet drove return on invested capital to its highest quarterly level since 2000."

On Wednesday, Arrow rose 67 cents to $35.81.

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