Arrow Electronics profit up 52% in Q3; earnings top Wall Street estimates
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- Mark Harden
- News Director- Denver Business Journal
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Arrow Electronics Inc. saw its third-quarter profit grow 52 percent from a year earlier, and the Arapahoe County-based electronics-components distributor and computer-systems seller beat Wall Street estimates with its adjusted earnings and revenue.
Arrow (NYSE: ARW) on Wednesday reported results for the quarter that ended Sept. 27, posting net income of $146.9 million, or $1.47 a diluted share, up from Q3 2013 profit of $96.8 million, or 95 cents a share.
Absent one-time items, adjusted earnings came in at $1.40 a share. That topped analysts' average adjusted-earnings expectation of $1.31 a share, Thomson Reuters reported.
Sales revenue grew to $5.61 billion in Q3 from $5.05 a year earlier. Analysts had been looking for a $5.4 billion revenue total.
In particular, components sales in the Asia-Pacific region grew 18 percent, while overall global component sales rose 8 percent, to $3.73 billion. And global enterprise computing sales were up 19 percent, to $1.88 billion.
"Both of our global components and enterprise computing solutions segments delivered sales and operating income growth" in the quarter, said Michael Long, Arrow's chairman, president and CEO.
"The stable, slow-growth demand environment for global components matched our expectations," he added. "Our focus on the higher-value portion of the datacenter [business] has aligned our enterprise computing solutions business with the faster growth areas of IT spending."
As for outlook, Arrow projects fourth-quarter earnings excluding charges of $1.75 to $1.87 per share — slightly above analysts' average projections of $1.74 a share — on sales in the range of $6.1 billion to $6.5 billion.
Arrow shared were trading up about 2 percent at 12:36 p.m. MT. ( Click here for a live quote from Google Finance.)
Mark Harden directs print and digital news content for the Denver Business Journal, contributes to the "17th & Lincoln" blog and compiles the daily "Afternoon Edition" email. Email: mharden@bizjournals.com. Phone: 303-803-9227.
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