Arrow Electronics Inc. (ARW) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.
The company's earnings totaled $83.60 million, or $1.53 per share. This compares with $273.75 million, or $4.60 per share, in last year's first quarter.
Excluding items, Arrow Electronics Inc. reported adjusted earnings of $131.86 million or $2.41 per share for the period.
Analysts on average had expected the company to earn $2.37 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 20.8% to $6.92 billion from $8.74 billion last year.
Arrow Electronics Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $83.60 Mln. vs. $273.75 Mln. last year.
-EPS (Q1): $1.53 vs. $4.60 last year.
-Revenue (Q1): $6.92 Bln vs. $8.74 Bln last year.
-Guidance:
Next quarter EPS guidance: $2.05 - $2.25
Next quarter revenue guidance: $6.20 - $6.80 Bln
For comments and feedback contact: editorial@rttnews.com