With us on the call today are Mike Long, Chairman, President and Chief Executive Officer; Paul Reilly, Executive Vice President, Finance and Operations and Chief Financial Officer; Andy Bryant, President, Global ECS; and Peter Kong, President, Global Components.By now, you should have all received a copy of our earnings release. If not, you can access our release on the Investor Relations section of our website. I would also like to point out that we issued a CFO commentary that has been posted to the Investor Relations section of our website that should be used as a complement to the earnings press release. You can access a copy of our earnings reconciliation for the fourth quarter and full year in our press release or on the Investor Relations section of our website. Before we get started, I would like review our Safe Harbor statement. Some of the comments we may made on today's call may include forward-looking statements including statements addressing future financial results. These statements are subject to a number of risks and uncertainties that could cause actual results or facts to differ materially from such statements for a variety of reasons. Detailed information about these risks is included in Arrow's SEC filings including our 10-K that was issued this morning. We will begin with a few minutes of prepared remarks, which will then be followed by a question-and-answer period. As a reminder to the members of the press, you are in a listen-only mode on this call but please feel free to contact us after today's call with any questions you may have. At this time, I would like to introduce our Chairman, President and CEO, Mike Long. Michael J. Long Thanks, Greer, and thanks to all of you for taking the time to join us today. I'm excited to be discussing our 2011 and fourth quarter 2011 results. It's truly been an outstanding year for Arrow Electronics. Our exceptional financial performance speaks for itself. With that said, I'd like to share some highlights from 2011 that illustrate our leadership position in the markets we serve.
We delivered a record revenue of $21.4 billion, representing year-over-year growth of 14% in what I'm sure, we can all agree, has been a difficult economic environment, and compound annual growth of 10% over the last 5 years. One of our long-term goals is to grow profits 1.5 to 2x faster than sales and we did that again in 2011, with operating income increasing 1.5x faster than sales. We recorded record earnings per share of $5.19, an increase of 26% from 2010 and 12% compound annual growth over the last 5 years. Our commitment to generating superior returns was evident again in 2011 with return on working capital ahead of our long-term goal and return on invested capital well in excess of our weighted average cost of capital.Finally, we generated more than $120 million in cash from operations in yet another period of solid growth. In addition to our excellent financial performance in 2011, we successfully executed on our global strategy to drive growth in our core business as well as in high-margin life cycle services. Over the last 12 months, we completed 8 acquisitions that have served to strengthen the core and allowed us to enter new markets, products and geography that expand and enhance our portfolio of products and value-added services we can offer to suppliers and customers. I'm happy to report that the acquired companies are either meeting or exceeding our financial expectation and contributing to our overall excellent performance. The value and importance of this strategy can be seen in the very strong performance in both of our business segments in what was an uncertain and difficult market environment. In global components, Peter Kong and his team did an admirable job of growing the legacy business in a market that was expected to decline in 2011, and set records for annual sales and operating income. In 2011, we executed our strategy to expand the portfolio and increase our addressable market. Read the rest of this transcript for free on seekingalpha.com