Share “Arrow Electronics 3Q net income falls 19 pct”

Arrow Electronics 3Q net income falls 19 pct

Associated Press Published: October 31, 2012
Advertisement

ENGLEWOOD, Colo. (AP) — Arrow Electronics Inc. said Wednesday that its third-quarter net income fell 19 percent, hurt by lower demand at its components business and higher restructuring charges.

Its adjusted earnings beat Wall Street expectations, however, and its shares rose 2 percent in midday trading.

The Englewood, Colo.-based electronics maker earned $103.6 million, or 94 cents per share, for the three months ended Sept. 29, down from $132.2 million, or $1.15 per share, in the same quarter last year.

Restructuring charges jumped 65 percent to $14.6 million. Excluding restructuring charges, the company said it posted adjusted earnings of $1.02 per share for the recent quarter.

Revenue fell 4.3 percent to $4.96 billion from $5.19 billion. Adjusting for acquisitions and excluding the effects of currency exchange rates and a change in the way the company presents revenue, Arrow said revenue was relatively flat compared with a year ago.

The results beat Wall Street predictions. Analysts, on average, expected earnings of 98 cents per share on $4.94 billion in revenue, according to a FactSet poll.

Arrow said its sales of components fell 8 percent to $3.37 billion, while sales at its global computing business increased 3 percent to $1.59 billion.

The company said it expects to post an adjusted fourth-quarter profit of $1.03 to $1.13 per share on $5.1 billion to $5.5 billion in revenue. Analysts expect earnings of $1.23 per share on $5.37 billion in revenue.

Arrow shares rose 73 cents, or 2.1 percent, to $35.28 in midday trading. They are up 14.3 percent from their 52-week low of $30.84 set in mid-July. They peaked for the past year at $43.39 in early February.


AROUND THE WEB

  1. 1
    Texas State student rides her Barbie Jeep around campus after DWI arrest, Internet loves it
  2. 2
    Edward Snowden says Hillary Clinton 'ridiculous' to think emails were secure
  3. 3
    Man arrested for threatening to 'kill all white people' in La Plata, Md.
  4. 4
    11-year-old shoots, kills suspected home invader
  5. 5
    Pentagon Now Says Army Mistakenly Sent Live Anthrax to All 50 States
+ show more

FEATURED JOBS



× Trending business Article