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     101  0 Kommentare Arrow Electronics Reports First-Quarter 2021 Results

    Arrow Electronics, Inc. (NYSE:ARW) today reported first-quarter 2021 sales of $8.39 billion, an increase of 31 percent from sales of $6.38 billion in the first quarter of 2020. First-quarter net income was $206 million, or $2.72 per share on a diluted basis, compared with a net income of $50 million, or $0.61 per share on a diluted basis, in the first quarter of 2020. Non-GAAP net income1 was $216 million, or $2.84 per share on a diluted basis, in the first quarter of 2021, compared with non-GAAP net income of $79 million, or $0.97 per share on a diluted basis, in the first quarter of 2020.

    “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.”

    Global components first-quarter sales of $6.44 billion reflected an increase of 42 percent year over year. Asia-Pacific components sales increased 88 percent year over year. Americas components first-quarter sales increased 10 percent year over year. Europe components first-quarter sales increased 20 percent year over year and non-GAAP sales in the region increased 10 percent year over year. Global components first-quarter operating income was $289 million and first-quarter non-GAAP operating income was $296 million.

    “Strength and stability are the hallmarks of our global components business. Sales were above the high-end of our expectations for the fourth consecutive quarter, and, importantly, we are realizing robust operating leverage on our sales growth,” said Mr. Long. “We see current supply challenges as transitory and expect more balance with demand in the coming quarters.”

    Global enterprise computing solutions first-quarter sales of $1.94 billion reflected an increase of 6 percent year over year and non-GAAP sales increased 2 percent year over year. Europe enterprise computing solutions first-quarter sales increased 13 percent year over year and non-GAAP sales in the region increased 4 percent year over year. Americas enterprise computing solutions first-quarter sales increased 2 percent year over year. Global enterprise computing solutions first-quarter operating income was $77 million and first-quarter non-GAAP operating income was $80 million.

    Mr. Long said, “First-quarter global enterprise computing solutions sales were in-line with our prior outlook. We are seeing early indications that spending priorities are shifting to more complex projects with transformational business outcomes that are well-suited for our enterprise capabilities.”

    “Our financial returns continue to improve meaningfully,” said Chris Stansbury, senior vice president and chief financial officer. “Through our disciplined working capital management, we are well-positioned to continue realizing operational leverage and converting growing profits to free cash flow in future quarters. As always, we remain committed to improving value to shareholders. During the first quarter, we repurchased approximately $150 million of shares through our stock repurchase program, ending the quarter with approximately $313 million of remaining authorization. Our balance sheet and liquidity position remain strong, and we are pleased to report return on invested capital increased year over year for the fourth straight quarter.”

    1 A reconciliation of non-GAAP financial measures, including sales, gross profit, operating income, net income attributable to shareholders, and net income per share, to GAAP financial measures is presented in the reconciliation tables included herein.

    SECOND-QUARTER 2021 OUTLOOK

    • Consolidated sales of $8.1 billion to $8.7 billion, with global components sales of $6.3 billion to $6.6 billion, and global enterprise computing solutions sales of $1.8 billion to $2.1 billion
    • Net income per share on a diluted basis of $2.67 to $2.83, and non-GAAP net income per share on a diluted basis1 of $2.82 to $2.98
    • Average tax rate of approximately 23 percent compared to the long-term range of 23 to 25 percent
    • Average diluted shares outstanding of 75 million
    • Interest expense of approximately $33 million
    • Expecting average USD-to-Euro exchange rate of $1.18 to €1; changes in foreign currencies to increase sales by approximately $150 million, and earnings per share on a diluted basis by $.08 compared to the second quarter of 2020

    Second-Quarter 2021 Outlook

     

    Reported GAAP measure

    Intangible amortization expense

    Restructuring & integration charges

    Non-GAAP measure

    Net income per diluted share

    $2.67 - $2.83

    $.10

    $.05

    $2.82 - $2.98

     

    Please refer to the CFO commentary, which can be found at investor.arrow.com, as a supplement to the company’s earnings release.

    Arrow Electronics guides innovation forward for over 180,000 leading technology manufacturers and service providers. With 2020 sales of $29 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.

    Information Relating to Forward-Looking Statements

    This press release includes “forward-looking” statements, as the term is defined under the federal securities laws, including but not limited to statements regarding: Arrow’s future financial performance, including its outlook on financial results for the second quarter of fiscal 2021, such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, average diluted shares outstanding, interest expense, average USD-to-Euro exchange rate, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring and integration charges per diluted share, and expectation regarding market demand. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, industry conditions, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, foreign currency fluctuation, changes in legal and regulatory matters, non-compliance with certain regulations, such as export, anti-trust, and anti-corruption laws, foreign tax and other loss contingencies, and the company's ability to generate cash flow. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's periodic reports on Form 10-K and Form 10-Q and subsequent filings made with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.

    Certain Non-GAAP Financial Information

    In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information relating to sales, operating income, net income attributable to shareholders, and net income per basic and diluted share.

    The company provides non-GAAP sales, gross profit, operating income, income before income taxes, provision for income taxes, net income, and net income per share on a diluted basis which are adjusted GAAP measures for the impact of changes in foreign currencies (referred to as "changes in foreign currencies") by re-translating prior period results at current period foreign exchange rates and the impact of notes receivable reserves and recoveries related to the AFS business (referred to as “AFS notes receivable reserves and recoveries”). Non-GAAP operating income excludes identifiable intangible asset amortization, restructuring, integration, and other charges, AFS notes receivable reserves and recoveries. Non-GAAP effective tax rate excludes identifiable intangible asset amortization, restructuring, integration, and other charges, gain (loss) on investments, net, the impact of tax legislation charges, and AFS notes receivable recoveries. Net income attributable to shareholders, and net income per basic and diluted share as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, AFS notes receivable reserves and recoveries, net gains and losses on investments, and certain tax adjustments.

    The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers these items referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.

    The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, sales, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

    A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

    ARROW ELECTRONICS, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands except per share data)

    (Unaudited)

     

     

     

     

     

     

     

     

    Quarter Ended

     

     

     

    April 3, 2021

     

    March 28, 2020

     

     

     

     

     

     

     

    Sales

     

    $

    8,385,919

     

     

     

    $

    6,381,417

     

     

     

    Cost of sales

     

    7,455,809

     

     

     

    5,653,026

     

     

     

    Gross profit

     

    930,110

     

     

     

    728,391

     

     

     

    Operating expenses:

     

     

     

     

     

    Selling, general, and administrative expenses

     

    574,567

     

     

     

    533,839

     

     

     

    Depreciation and amortization

     

    50,331

     

     

     

    47,110

     

     

     

    Restructuring, integration, and other charges

     

    5,709

     

     

     

    9,138

     

     

     

     

     

    630,607

     

     

     

    590,087

     

     

     

    Operating income

     

    299,503

     

     

     

    138,304

     

     

     

    Equity in earnings of affiliated companies

     

    844

     

     

     

    530

     

     

     

    Gain (loss) on investments, net

     

    2,793

     

     

     

    (16,810

    )

     

     

    Employee benefit plan (expense) credit

     

    (1,230

    )

     

     

    (1,109

    )

     

     

    Interest and other financing expense, net

     

    (33,656

    )

     

     

    (43,268

    )

     

     

    Income before income taxes

     

    268,254

     

     

     

    77,647

     

     

     

    Provision for income taxes

     

    61,026

     

     

     

    27,892

     

     

     

    Consolidated net income

     

    207,228

     

     

     

    49,755

     

     

     

    Noncontrolling interests

     

    907

     

     

     

    252

     

     

     

    Net income attributable to shareholders

     

    $

    206,321

     

     

     

    $

    49,503

     

     

     

     

     

     

     

     

     

    Net income (loss) per share:

     

     

     

     

     

    Basic

     

    $

    2.76

     

     

     

    $

    0.62

     

     

     

    Diluted

     

    $

    2.72

     

     

     

    $

    0.61

     

     

     

     

     

     

     

     

     

    Weighted-average shares outstanding:

     

     

     

     

     

    Basic

     

    74,882

     

     

     

    80,407

     

     

     

    Diluted

     

    75,794

     

     

     

    81,108

     

     

     

    ARROW ELECTRONICS, INC.

    CONSOLIDATED BALANCE SHEETS

    (In thousands except par value)

    (Unaudited)

     

     

     

     

     

    April 3, 2021

     

    December 31, 2020

     

     

     

     

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    227,701

     

     

     

    $

    373,615

     

     

    Accounts receivable, net

    8,503,010

     

     

     

    9,205,343

     

     

    Inventories

    3,275,389

     

     

     

    3,287,308

     

     

    Other current assets

    360,968

     

     

     

    286,633

     

     

    Total current assets

    12,367,068

     

     

     

    13,152,899

     

     

    Property, plant, and equipment, at cost:

     

     

     

    Land

    5,691

     

     

     

    7,940

     

     

    Buildings and improvements

    177,615

     

     

     

    207,614

     

     

    Machinery and equipment

    1,521,489

     

     

     

    1,553,371

     

     

     

    1,704,795

     

     

     

    1,768,925

     

     

    Less: Accumulated depreciation and amortization

    (957,257

    )

     

     

    (969,320

    )

     

    Property, plant, and equipment, net

    747,538

     

     

     

    799,605

     

     

    Investments in affiliated companies

    77,330

     

     

     

    76,358

     

     

    Intangible assets, net

    223,848

     

     

     

    233,819

     

     

    Goodwill

    2,101,938

     

     

     

    2,115,469

     

     

    Other assets

    655,838

     

     

     

    675,761

     

     

    Total assets

    $

    16,173,560

     

     

     

    $

    17,053,911

     

     

    LIABILITIES AND EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    7,045,759

     

     

     

    $

    7,937,889

     

     

    Accrued expenses

    985,928

     

     

     

    1,034,361

     

     

    Short-term borrowings, including current portion of long-term debt

    361,327

     

     

     

    158,633

     

     

    Total current liabilities

    8,393,014

     

     

     

    9,130,883

     

     

    Long-term debt

    1,903,848

     

     

     

    2,097,940

     

     

    Other liabilities

    662,252

     

     

     

    676,136

     

     

    Commitments and contingencies

     

     

     

    Equity:

     

     

     

    Shareholders’ equity:

     

     

     

    Common stock, par value $1:

     

     

     

    Authorized - 160,000 shares in both 2021 and 2020

     

     

     

    Issued - 125,424 shares in both 2021 and 2020

    125,424

     

     

     

    125,424

     

     

    Capital in excess of par value

    1,166,554

     

     

     

    1,165,850

     

     

    Treasury stock (51,426 and 50,581 shares in 2021 and 2020, respectively), at cost

    (2,898,830

    )

     

     

    (2,776,821

    )

     

    Retained earnings

    6,886,072

     

     

     

    6,679,751

     

     

    Accumulated other comprehensive loss

    (123,461

    )

     

     

    (104,885

    )

     

    Total shareholders’ equity

    5,155,759

     

     

     

    5,089,319

     

     

    Noncontrolling interests

    58,687

     

     

     

    59,633

     

     

    Total equity

    5,214,446

     

     

     

    5,148,952

     

     

    Total liabilities and equity

    $

    16,173,560

     

     

     

    $

    17,053,911

     

     

    ARROW ELECTRONICS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

    Quarter Ended

     

    April 3, 2021

     

    March 28, 2020

    Cash flows from operating activities:

     

     

     

    Consolidated net income

    $

    207,228

     

     

     

    $

    49,755

     

     

    Adjustments to reconcile consolidated net income to net cash provided by operations:

     

     

     

    Depreciation and amortization

    50,331

     

     

     

    47,110

     

     

    Amortization of stock-based compensation

    13,223

     

     

     

    13,920

     

     

    Equity in (earnings) losses of affiliated companies

    (844

    )

     

     

    (530

    )

     

    Deferred income taxes

    13,663

     

     

     

    32,613

     

     

    Gain on investments, net

    (2,793

    )

     

     

    16,810

     

     

    Other

    1,374

     

     

     

    (205

    )

     

    Change in assets and liabilities, net of effects of acquired and disposed businesses:

     

     

     

    Accounts receivable, net

    596,777

     

     

     

    558,605

     

     

    Inventories

    (13,147

    )

     

     

    133,392

     

     

    Accounts payable

    (840,124

    )

     

     

    (343,051

    )

     

    Accrued expenses

    3,643

     

     

     

    (31,326

    )

     

    Other assets and liabilities

    (33,867

    )

     

     

    (10,228

    )

     

    Net cash provided by operating activities

    (4,536

    )

     

     

    466,865

     

     

    Cash flows from investing activities:

     

     

     

    Acquisition of property, plant, and equipment

    (20,180

    )

     

     

    (27,971

    )

     

    Proceeds from sale of property, plant, and equipment

    22,171

     

     

     

     

     

    Other

     

     

     

    (5,466

    )

     

    Net cash used for investing activities

    1,991

     

     

     

    (33,437

    )

     

    Cash flows from financing activities:

     

     

     

    Change in short-term and other borrowings

    (12,452

    )

     

     

    (84,354

    )

     

    Proceeds from (repayments of) long-term bank borrowings, net

    154,674

     

     

     

    (288,577

    )

     

    Redemption of notes

    (130,860

    )

     

     

     

     

    Proceeds from exercise of stock options

    26,091

     

     

     

    1,980

     

     

    Repurchases of common stock

    (160,619

    )

     

     

    (158,989

    )

     

    Net cash used for financing activities

    (123,166

    )

     

     

    (529,940

    )

     

    Effect of exchange rate changes on cash

    (20,203

    )

     

     

    (2,593

    )

     

    Net increase (decrease) in cash and cash equivalents

    (145,914

    )

     

     

    (99,105

    )

     

    Cash and cash equivalents at beginning of period

    373,615

     

     

     

    300,103

     

     

    Cash and cash equivalents at end of period

    $

    227,701

     

     

     

    $

    200,998

     

     

    ARROW ELECTRONICS, INC.

    NON-GAAP SALES RECONCILIATION

    (In thousands)

    (Unaudited)

     

    Quarter Ended

     

     

     

    April 3, 2021

     

    March 28, 2020

     

    % Change

     

     

     

     

     

     

    Consolidated sales, as reported

    $

    8,385,919

     

     

    $

    6,381,417

     

     

     

    31.4

    %

    Impact of changes in foreign currencies

     

     

    202,672

     

     

     

     

    Non-GAAP consolidated sales

    $

    8,385,919

     

     

    $

    6,584,089

     

     

     

    27.4

    %

     

     

     

     

     

     

    Global components sales, as reported

    $

    6,443,253

     

     

    $

    4,550,601

     

     

     

    41.6

    %

    Impact of changes in foreign currencies

     

     

    130,299

     

     

     

     

    Non-GAAP global components sales

    $

    6,443,253

     

     

    $

    4,680,900

     

     

     

    37.6

    %

     

     

     

     

     

     

    Americas Components sales, as reported

    $

    1,701,173

     

     

    $

    1,552,798

     

     

     

    9.6

    %

    Impact of changes in foreign currencies

     

     

    (290

    )

     

     

     

    Non-GAAP Americas Components sales

    $

    1,701,173

     

     

    $

    1,552,508

     

     

     

    9.6

    %

     

     

     

     

     

     

    Europe components sales, as reported

    $

    1,568,602

     

     

    $

    1,309,990

     

     

     

    19.7

    %

    Impact of changes in foreign currencies

     

     

    115,285

     

     

     

     

    Non-GAAP Europe components sales

    $

    1,568,602

     

     

    $

    1,425,275

     

     

     

    10.1

    %

     

     

     

     

     

     

    Asia components sales, as reported

    $

    3,173,478

     

     

    $

    1,687,813

     

     

     

    88.0

    %

    Impact of changes in foreign currencies

     

     

    15,304

     

     

     

     

    Non-GAAP Asia components sales

    $

    3,173,478

     

     

    $

    1,703,117

     

     

     

    86.3

    %

     

     

     

     

     

     

    Global ECS sales, as reported

    $

    1,942,666

     

     

    $

    1,830,816

     

     

     

    6.1

    %

    Impact of changes in foreign currencies

     

     

    72,373

     

     

     

     

    Non-GAAP global ECS sales

    $

    1,942,666

     

     

    $

    1,903,189

     

     

     

    2.1

    %

     

     

     

     

     

     

    Europe ECS sales, as reported

    $

    791,328

     

     

    $

    702,128

     

     

     

    12.7

    %

    Impact of changes in foreign currencies

     

     

    59,801

     

     

     

     

    Non-GAAP Europe ECS sales

    $

    791,328

     

     

    $

    761,929

     

     

     

    3.9

    %

     

     

     

     

     

     

    Americas ECS sales, as reported

    $

    1,151,338

     

     

    $

    1,128,688

     

     

     

    2.0

    %

    Impact of changes in foreign currencies

     

     

    12,572

     

     

     

     

    Non-GAAP Americas ECS sales

    $

    1,151,338

     

     

    $

    1,141,260

     

     

     

    0.9

    %

    ARROW ELECTRONICS, INC.

    NON-GAAP EARNINGS RECONCILIATION

    (In thousands except per share data)

    (Unaudited)

     

    Three months ended April 3, 2021

     

    Reported

    GAAP

    measure

    Intangible

    amortization

    expense

    Restructuring

    & Integration

    charges

    AFS Reserves & Recoveries

    Non-recurring tax items

    Other(1)

    Non-GAAP

    measure

    Sales

    $

    8,385,919

     

    $

     

    $

     

    $

     

     

    $

     

     

    $

     

     

    $

    8,385,919

     

    Gross Profit

    930,110

     

     

     

     

     

     

     

     

     

    930,110

     

    Operating income

    299,503

     

    9,326

     

    5,709

     

     

     

     

     

     

     

    314,538

     

    Income before income taxes

    268,254

     

    9,326

     

    5,709

     

     

     

     

     

    (2,793

    )

     

    280,496

     

    Provision for income taxes

    61,026

     

    2,385

     

    1,166

     

     

     

     

     

    (672

    )

     

    63,905

     

    Consolidated net income

    207,228

     

    6,941

     

    4,543

     

     

     

     

     

    (2,121

    )

     

    216,591

     

    Noncontrolling interests

    907

     

    150

     

     

     

     

     

     

     

     

    1,057

     

    Net income attributable to shareholders

    $

    206,321

     

    $

    6,791

     

    $

    4,543

     

    $

     

     

    $

     

     

    $

    (2,121

    )

     

    215,534

     

    Net income per diluted share

    $

    2.72

     

    $

    0.09

     

    $

    0.06

     

    $

     

     

    $

     

     

    $

    (0.03

    )

     

    $

    2.84

     

    Effective tax rate (2)

    22.7

    %

     

     

     

     

     

    22.8

    %

     

     

     

     

     

     

     

     

    Three months ended March 28, 2020

     

    Reported

    GAAP

    measure

    Intangible

    amortization

    expense

    Restructuring

    & Integration

    charges

    AFS Reserves & Recoveries

    Non-recurring tax items

    Other(1)

    Non-GAAP

    measure

    Sales

    $

    6,381,417

     

    $

     

    $

     

    $

     

     

    $

     

     

    $

     

     

    $

    6,381,417

     

    Gross Profit

    728,391

     

     

     

     

     

     

     

     

     

    728,391

     

    Operating income

    138,304

     

    9,955

     

    9,138

     

    (920

    )

     

     

     

     

     

    156,477

     

    Income before income taxes

    77,647

     

    9,955

     

    9,138

     

    (920

    )

     

     

     

    16,810

     

     

    112,630

     

    Provision for income taxes

    27,892

     

    2,564

     

    2,571

     

    (222

    )

     

    (3,615

    )

     

    4,057

     

     

    33,247

     

    Consolidated net income

    49,755

     

    7,391

     

    6,567

     

    (698

    )

     

    3,615

     

     

    12,753

     

     

    79,383

     

    Noncontrolling interests

    252

     

    137

     

     

     

     

     

     

     

     

    389

     

    Net income attributable to shareholders

    $

    49,503

     

    $

    7,254

     

    $

    6,567

     

    $

    (698

    )

     

    $

    3,615

     

     

    $

    12,753

     

     

    $

    78,994

     

    Net income per diluted share

    $

    0.61

     

    $

    0.09

     

    $

    0.08

     

    $

    (0.01

    )

     

    $

    0.04

     

     

    $

    0.16

     

     

    $

    0.97

     

    Effective tax rate (2)

    35.9

    %

     

     

     

     

     

    29.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Other includes (gain) loss on investments, net.

    (2) The items as shown in this table, represent the reconciling items for the tax rate as reported by GAAP measure and as a non-GAAP measure.

    ARROW ELECTRONICS, INC.

    SEGMENT INFORMATION

    (In thousands)

    (Unaudited)

     

     

     

     

    Quarter Ended

     

     

    April 3, 2021

     

    March 28, 2020

     

    Sales:

     

     

     

     

    Global components

    $

    6,443,253

     

     

     

    $

    4,550,601

     

     

     

    Global ECS

    1,942,666

     

     

     

    1,830,816

     

     

     

    Consolidated

    $

    8,385,919

     

     

     

    $

    6,381,417

     

     

     

    Operating income (loss):

     

     

     

     

    Global components

    $

    289,383

     

     

     

    $

    164,767

     

     

     

    Global ECS (a)

    77,359

     

     

     

    42,433

     

     

     

    Corporate (b)

    (67,239

    )

     

     

    (68,896

    )

     

     

    Consolidated

    $

    299,503

     

     

     

    $

    138,304

     

     

     

    (a)

    Includes reserves and other adjustments of approximately $29.9 million primarily related to foreign tax and other loss contingencies for the first quarter of 2020. These reserves are principally associated with transactional taxes on activity from several prior years, not significant to any one year.

    (b)

    Includes restructuring, integration, and other charges of $5.7 million for the first quarter of 2021, and $9.1 million for the first quarter of 2020, respectively.

    NON-GAAP SEGMENT RECONCILIATION

     

     

     

     

    Quarter Ended

     

     

    April 3, 2021

     

    March 28, 2020

     

     

     

     

     

     

    Global components operating income (loss), as reported

    $

    289,383

     

     

    $

    164,767

     

     

     

    Intangible assets amortization expense

    7,004

     

     

    7,380

     

     

     

    AFS notes receivable reserve (recoveries)

     

     

    (920

    )

     

     

    Global components non-GAAP operating income

    $

    296,387

     

     

    $

    171,227

     

     

     

     

     

     

     

     

    Global ECS operating income, as reported

    $

    77,359

     

     

    $

    42,433

     

     

     

    Intangible assets amortization expense

    2,322

     

     

    2,575

     

     

     

    Global ECS non-GAAP operating income

    $

    79,681

     

     

    $

    45,008

     

     

     

     



    Business Wire (engl.)
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    Arrow Electronics Reports First-Quarter 2021 Results Arrow Electronics, Inc. (NYSE:ARW) today reported first-quarter 2021 sales of $8.39 billion, an increase of 31 percent from sales of $6.38 billion in the first quarter of 2020. First-quarter net income was $206 million, or $2.72 per share on a …

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