Arrow Electronics Inc. (NYSE: ARW), Centennial, CO, reported sales for 2016 of $23.8 billion, up 2 percent from 2015. Profit increased 5 percent to $523 million. In 2016, changes in foreign currencies had negative impacts on growth of about 1 percent on sales.
For the fourth quarter, sales were $6.4 billion, down 5 percent from the same period a year ago. Profit increased 4 percent to $165 million. Changes in foreign currencies had negative impacts on growth of about 1 percent on sales during the quarter.
“Our digital transformation and IoT solutions spanning from sensor to sunset helped drive record full-year sales and earnings per share,” said Michael Long, president, and CEO.
Global components fourth-quarter sales of $4 billion grew 9 percent year-over-year. Americas components sales grew 4 percent. Asia-Pacific components sales grew 22 percent. Europe components sales declined 1 percent.
Global enterprise computing solutions fourth-quarter sales of $2.45 billion declined 21 percent year-over-year. Sales were unfavorably impacted by approximately $250 million due to a later calendar start to the fourth quarter of 2016 and by about $250 million from a decrease in hardware sales offset by an increase in software sales.