Arrow Electronics (ARW) Tops Q2 EPS by 9c; Guides Q3 EPS Above the Street
Arrow Electronics (NYSE: ARW) reported Q2 EPS of $1.12, $0.09 better than the analyst estimate of $1.03. Revenue for the quarter came in at $5.31 billion versus the consensus estimate of $5.13 million.
Arrow Electronics sees Q3 2013 EPS of $1.14-$1.26, versus the consensus of $1.03. Arrow Electronics sees Q3 2013 revenue of $4.9-5.3 billion.
“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.
Global ECS second-quarter sales of $1.91 billion increased 12 percent year over year. Sales, as adjusted in the non-GAAP sales reconciliation table below, increased 7 percent year over year. In the Americas, sales growth was 10 percent year over year. In Europe, sales growth, including the Altimate acquisition, was 18 percent with broad-based strength across the region.
“Cash flow is again a great story as we generated $334 million in cash flow from operations in the second quarter of 2013 and $519 million on a trailing 12 month basis, meaningfully exceeding our targets,” said Paul J. Reilly, executive vice president, finance and operations, and chief financial officer. “In the first half of 2013 we returned nearly $300 million to shareholders through our stock repurchase program, bringing the total amount returned to shareholders to $900 million since the beginning of 2010.”
For earnings history and earnings-related data on Arrow Electronics (ARW) click here.
Arrow Electronics sees Q3 2013 EPS of $1.14-$1.26, versus the consensus of $1.03. Arrow Electronics sees Q3 2013 revenue of $4.9-5.3 billion.
“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.
Global ECS second-quarter sales of $1.91 billion increased 12 percent year over year. Sales, as adjusted in the non-GAAP sales reconciliation table below, increased 7 percent year over year. In the Americas, sales growth was 10 percent year over year. In Europe, sales growth, including the Altimate acquisition, was 18 percent with broad-based strength across the region.
“Cash flow is again a great story as we generated $334 million in cash flow from operations in the second quarter of 2013 and $519 million on a trailing 12 month basis, meaningfully exceeding our targets,” said Paul J. Reilly, executive vice president, finance and operations, and chief financial officer. “In the first half of 2013 we returned nearly $300 million to shareholders through our stock repurchase program, bringing the total amount returned to shareholders to $900 million since the beginning of 2010.”
For earnings history and earnings-related data on Arrow Electronics (ARW) click here.