Arrow Electronics posts lower second quarter figures

Channel News

Profits down

Arrow Electronics has reported a lower profit for its second quarter.

The supply channel partner said the figures reflected the decline in global component sales driven by a weak economy in the US, Europe and Asia.

A stronger dollar also negatively impacted sales for the quarter, the company said.

Arrow Electronics’ second-quarter sales dropped to $5.15 billion from $5.54 billion last year, while the global components sales for the second quarter dropped 11 percent from last year, as Asia Pacific declined six percent, Americas fell four percent and Europe slipped 14 percent.

Its company’s profit decreased to $114.4 million or $1.02 per share from last year’s $156.2 million or $1.33 per share.

However, its Global enterprise computing solutions second-quarter improved two percent year-over-year, driven by strong performance in Europe and Americas.

Chief Executive Michael Long said, “In a challenging macroeconomic environment that weakened throughout the quarter, we executed well, with sales and earnings per share in line with our expectations.

“Although the macro environment continues to be challenging, we remain committed to selectively investing in line with our strategic priorities to drive organic growth and strengthen the business.”

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