Arrow Electronics, Inc., Melville, NY, reported first quarter 2009 sales of $3.42 billion, down 15% from the prior year period. Profit declined 69% to $26.7 million.
We executed well in the first quarter, despite the persistent backdrop of global economic uncertainty and turbulence, with sales and earnings per share in line with our expectations, CEO William E. Mitchell said. "We achieved our targeted level of cost reductions, and reduced expenses at a faster rate than the decline in sales. However, we cannot ignore the fact that economies around the world are still struggling with recessionary conditions, and this will continue to have an impact on our business."
Global enterprise computing solutions (ECS) sales of $1.07 billion decreased 3% percent year over year. Global components sales decreased 20% to $2.35 billion, primarily due to weakness in Europe and North America.
Arrow Electronics is a global provider of products and services to industrial and commercial users of electronic components and enterprise computing solutions.