Arrow Electronics: 2Q Earnings Snapshot
CENTENNIAL, Colo. (AP) _ Arrow Electronics Inc. (ARW) on Thursday reported second-quarter earnings of $169.9 million.
On a per-share basis, the Centennial, Colorado-based company said it had profit of $1.92. Earnings, adjusted for restructuring costs and amortization costs, came to $2.20 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.15 per share.
The electronics maker posted revenue of $7.39 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $7.21 billion.
For the current quarter ending in October, Arrow Electronics expects its per-share earnings to range from $2.09 to $2.21.
The company said it expects revenue in the range of $7.15 billion to $7.55 billion for the fiscal third quarter.
Arrow Electronics shares have dropped 5.5 percent since the beginning of the year. The stock has fallen 7 percent in the last 12 months.