© spfotocz dreamstime.com Electronics Production | July 26, 2013
Lower net income for Arrow
Arrow Electronics, Inc. reported second-quarter 2013 net income of $89.9 million, compared with net income of $114.4 million in the second quarter of 2012.
Excluding certain items in both the second quarters of 2013 and 2012 as described in the non-GAAP earnings reconciliation table found herein, net income would have been $116.9 million in the second quarter of 2013 compared with net income of $124.1 million in the second quarter of 2012. Operating income was $155,875 million compared to $188,689 for the same period last year. Second-quarter sales of $5.31 billion increased 3 percent from sales of $5.15 billion in the prior year. “We executed very well in the second quarter, with revenue at the top end of our guidance and non-GAAP earnings per share well ahead of our expectations. In our components segment, we saw each of our regions post sales above the high end of normal sequential seasonality. Our enterprise computing solutions business performed especially well, with our 14th consecutive quarter of year-over-year organic growth and operating margins at the highest level in five years,” said Michael J. Long, chairman, president, and chief executive officer. “Our differentiated value-added strategy continues to drive strong financial performance.” Global components second-quarter sales of $3.40 billion decreased 2 percent year over year. Sales, as adjusted in the non-GAAP sales reconciliation table below, increased 1 percent year over year. In the Americas, sales declined 4 percent year over year due to ongoing market weakness amid economic uncertainty. European sales were down 9 percent year over year primarily due to the prospective change in the accounting for revenue related to a fulfillment contract. European sales, as adjusted in the non-GAAP earnings table below, increased 4 percent year over year. Sales in the Asia-Pacific region increased 10 percent year over year, driven by strong growth in China and the ASEAN region.
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