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© designersart dreamstime.com Business | August 04, 2016

'By increasingly delivering more complex solutions, we capture a greater reward'

Arrow Electronics recorded second-quarter 2016 net income of USD 134.3 million, compared with net income of USD 123.9 million in the second quarter of 2015.
Second-quarter sales of USD 5.97 billion increased 2 percent from sales of USD 5.83 billion in the prior year.

“By increasingly delivering more complex solutions, we capture a greater reward. That was evidenced by our margin performance,” said Michael J. Long, chairman, president, and chief executive officer. “Our core businesses remain healthy, and we made significant progress in the quarter with respect to our digital transformation, expanding our cloud solutions, and capturing the opportunities afforded by IoT to sell the capabilities of our entire enterprise.”

Global components sales for the second-quarter amounted to USD 3.83 billion and thus grew 4 percent year over year. Americas components sales were flat year over year. Europe components sales grew 7 percent year over year. Asia-Pacific components sales grew 5 percent year over year.

“Cash flow from operations was USD 148 million in the second quarter as we continue to exceed our cash flow target,” said Chris Stansbury, senior vice president and chief financial officer. “During the quarter, we returned approximately USD 31 million to shareholders through our stock repurchase program. We had approximately USD 286 million of remaining authorization under our share repurchase programs at the end of the second quarter.”
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