Arrow Electronics Q2 Profit Tops View, Sales Miss; Initiates Q3 Outlook

(RTTNews) - Arrow Electronics, Inc. (ARW) reported Tuesday that its second-quarter net income increased to $134.3 million, or $1.45 per share from $123.93 million, or $1.28 per share last year.

Adjusted earnings were $152.7 million, or $1.65 per share, compared with net income of $148.9 million, or $1.54 per share in 2015.

On average, 10 analysts polled by Thomson Reuters expected earnings of $1.64 per share. Analysts' estimates typically exclude special items.

Second-quarter sales of $5.97 billion increased 2 percent from sales of $5.83 billion in the prior year. Second-quarter sales, adjusted for the impact of acquisitions, were flat year over year. Analysts expected sales of $6.04 billion for the quarter.

Looking ahead, for the third quarter, the company expects earnings per share to be in the range of $1.23 to $1.35, and adjusted earnings per share to be in the range of $1.45 to $1.57 per share.

Total sales will be between $5.65 billion and $6.05 billion.

Analysts expect earnings of $1.51 per share on sales of $5.88 billion for the quarter.

Global components sales would be between $3.725 billion and $3.925 billion, and global enterprise computing solutions sales between $1.925 billion and $2.125 billion.