The 2020 Mid-Year Economic Update_long

Arrow Electronics Sales Down 1.6% in 1Q

Profit decreased 0.9 percent in the first quarter.

Electronics distributor Arrow Electronics, Inc. (NYSE: ARW), Centennial, CO, reported first quarter sales of $5 billion, a decrease of 1.6 percent from the previous year. Profit decreased 0.9 percent to $106.1 million.

Global components first quarter sales decreased 2.2 percent year-over-year to $3.4 billion, with sales in Europe up 7 percent and flat sales in both the Americas and Asia-Pacific.

Global enterprise computing solutions sales remained flat in the first quarter at $1.7 billion, with sales in the Americas increasing 8 percent.

"In the first quarter, our global components and enterprise computing solutions segments both delivered operating income growth and operating margin expansion," said Michael J. Long, president and CEO. "Our global components business experienced strong demand in Europe. Our focus on the higher value portion of the datacenter resulted in record first-quarter operating income and operating margins for our enterprise computing solutions business."

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