Arrow Electronics Quarter StrongBy Reuters | Print
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Technology distributor Arrow Electronics global component business drove second quarter results higher than expected, and the company forecast third quarter numbers beyond what Wall Street analysts expected.
July 28 (Reuters) - Technology distributor Arrow Electronics Inc (NYSE:ARW) posted better-than-expected quarterly results driven by strength in its global component business and guided its third quarter well above Wall Street view.
The distributor of electronic components and computer products expects to earn 96 cents to $1.06 per share, excluding items, on revenue of $4.39 billion to $4.79 billion, for the third quarter.
Analysts were projecting earnings of 76 cents per share, excluding special items, on revenue of $4.36 billion, for the third quarter, according to Thomson Reuters I/B/E/S.
Arrow, which distributes products of IBM (NYSE:IBM), Apple (NASDAQ:AAPL) and Hewlett-Packard (NYSE:HPQ) among others, competes with Avnet Inc (NYSE:AVT) and Igram Micro (NYSE:IM).
For the reported quarter, Arrow's profit grew more than five fold to $116.2 million, or 96 cents per share, from $21.1 million, or 18 cents per share, a year ago.
Excluding special items, it earned $1.01 per share, above analysts' average estimate of 81 cents a share.
Revenue rose 36 percent to $4.61 billion, versus analysts' estimates of $4.44 billion.
Global components sales grew 44 percent to $3.26 billion.
Shares of the company rose 7 percent to $25.74 in pre-market trade Wednesday. They closed at $24.14 Tuesday on the New York Stock Exchange. (Reporting by Mansi Dutta in Bangalore; Editing by Gopakumar Warrier)