Arrow Electronics Third Quarter Sales Down 14.7%
"Our execution this quarter was excellent, exceeding our expectations for revenue, earnings per share, and cash flow. We continue to control well those things that we can, no matter the economic environment," CEO Michael J. Long said. "We continued to deliver on our commitment to simplify the business while remaining focused on our long-term goals to maximize sales and profitable market share growth."
Global components sales of $2.54 billion decreased 15% year over year. Global enterprise computing solutions sales of $1.13 billion decreased 14%.
In addition to lower overall sales, the company recorded restructuring and integration charges of $37.6 million during the third quarter, primarily related to initiatives taken by the company to improve operating efficiencies.
For the first nine months, sales were $10.5 billion, down 17.3% from the prior year period. Profit was $60.4 million, compared to $258.2 million a year ago.
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