Arrow Electronics, Inc. (NYSE: ARW), Englewood, CO, reported sales for the first quarter of $4.85 billion, down 1 percent from first quarter 2012. Profit fell 31 percent to $77.9 million.
Global components first-quarter sales of $3.19 billion decreased 5 percent year over year. In the Americas, sales declined 5 percent as market conditions weakened and customers maintained a cautious stance. European sales were down 16 percent year over year, due to a prospective change in the accounting for revenue related to a certain fulfillment contract, and to a lesser extent, a worsening of the economic conditions in the region over the past nine months. Sales in the Asia-Pacific region increased 11 percent year over year, driven by strength in the core business.
Global enterprise computing solutions first-quarter sales of $1.66 billion increased 8 percent year over year. In the Americas, sales growth was above normal seasonality in the core value-added distribution business with a stronger-than-expected close to the quarter. In Europe, sales were modestly below normal seasonality, as the European economies further weakened in the first quarter.