On Thursday, electronic components distributor Arrow Electronics Inc. (NYSE: ARW), which is headquartered in Centennial, Colorado, reported revenue for the first quarter rose by 31.3% to $8.38 billion from $6.38 billion the year prior.
Arrow Electronics’ profit totaled $206.32 million, or $2.72 per share compared to $49.50 million, or $0.61 per share, in the same quarter a year ago. The company said its 1Q sales were a new record. The company reported fourth-quarter sales of $8.5 billion, up 15.2% compared with the fourth quarter of 2019.
“Arrow’s commitment to guiding innovation forward on behalf of our customers and suppliers enabled us to deliver record results in the quarter. I am incredibly impressed with our team’s execution as we continued to help customers across key industries thrive and benefit by delivering the products, services and solutions they need,” said Michael J. Long, chairman, president, and chief executive officer. “Our continually evolving business model has adapted well to significant swings in demand and shifts in business priorities over the last year, and we look forward to further building on this strong momentum in the months ahead.”