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Arrow Electronics, Inc. (NYSE:ARW), Englewood, CO, No. 2 on MDM's list of the top electronics distributors, reported sales in the third quarter 2012 of $4.96 billion, down 4 percent from the prior-year period. Profit for the third quarter was $103.6 million.
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“The third quarter again demonstrated our strong execution in what continues to be a challenging global macroeconomic environment,” said Michael J. Long, president and CEO.
Global components third-quarter sales of $3.37 billion decreased 8 percent year-over-year. Organic growth was flat. Sales in the Asia Pacific region increased 10 percent, driven by the core business and a rebound in the company's Ultra Source business. In the Americas, sales declined 1 percent due to a weaker overall market as well as customer cautiousness. European sales were down 4 percent in local currency as the macroeconomic environment continues to have an impact on the region.
Global enterprise computing solutions third-quarter sales of $1.59 billion increased 3 percent year-over-year. On a global basis, year-over-year growth in storage and software was offset by continued weakness in the server market. In the third quarter the company saw good performance in the Americas, with sales in the core value-added distribution business in line with expectations in a seasonally slow quarter.
In Europe, Arrow saw solid results in line with normal seasonality on a local currency basis, even as market conditions weakened in the region. The company's matrix expansion strategy remains a key driver of the successes in the region.
Arrow sales in the first nine months of 2012 were $15 billion, down 6 percent from the prior-year period. Organic sales were down 3 percent in the first nine months. Profit was $331.6 million.