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Arrow Electronics, Inc. (NYSE: ARW), Englewood, CO, reported second quarter sales of $5.2 billion, a 7 percent decline from the prior year. Profit fell 26.8 percent to $114.4 million.
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For the first six months, sales were $10 billion, 7 percent lower than the first six months of 2011. Profit decreased 22.1 percent to $228 million.
“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," said Michael J. Long, chairman, president, and CEO. “At the same time, we are taking $20 million in additional cost and expense reduction actions as we continue to advance the efficiency of our organization.”