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Arrow Electronics, Inc., Melville, NY, reported second-quarter 2009 sales were $3.39 billion, down 22% year over year. Profit declined 78% to $21.1 million.
Global enterprise computing solutions sales of $1.12 billion decreased 19% year over year. Global components sales decreased 23% to $2.27 billion
"While pleased with our second-quarter performance, we also realize that the cost savings we have generated to date have not been enough to offset both the sales declines and margin pressure we have experienced during this downturn," said Paul J. Reilly, executive vice president and CFO. "Given the market realities we are faced with, we have an additional $100 million in annual cost reductions that are expected to be implemented in the second half of 2009, primarily in our European operations."
For the first six months of 2009, sales were $6.81 billion, down 19% year over year. Profit decreased 73.8% to $47.8 million.
Arrow Electronics is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.