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Arrow Electronics, Inc. (NYSE:ARW), Melville, NY, reported fourth-quarter 2010 sales of $5.24 billion and profit of $157.9 million. Sales were up 29.5 percent from the prior-year period.
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In 2010, sales were $18.74 billion, up 27.7 percent. 2010 profit was $479.6 million.
"We finished 2010 with a very strong close, reporting record revenue and earnings per share and extremely strong cash flow generation in a period of substantial growth," said Michael J. Long, president and CEO. "Our organic strategy is simple - gain profitable market share, optimize gross profit and increase operational efficiency; and our M&A strategy is to expand our services portfolio and increase our addressable market. We have been successful in all of these areas throughout 2010, which has resulted in enhanced shareholder value."
Global components fourth quarter sales of $3.34 billion increased 29 percent year-over-year.
Global enterprise computing solutions fourth-quarter sales of $1.89 billion increased 18 percent from the prior year. "By gaining market share, expanding our line card, and acquiring strategic businesses, ECS is transforming its business model into one with a more dynamic and diversified customer and supplier base," Long said.