Arrow Electronics (ARW) Misses Q3 EPS by 6c

Arrow Electronics (NYSE: ARW) reported Q3 EPS of $1.40, $0.06 worse than the analyst estimate of $1.46. Revenue for the quarter came in at $5.7 billion versus the consensus estimate of $5.75 billion.

“Both our global components and enterprise computing solutions businesses continued to experience strong demand in Europe, while our Americas businesses broadly performed as we had anticipated. In Asia, the economic deterioration was worse than we expected,” said Michael J. Long, chairman, president, and chief executive officer. “We remain committed to continual productivity improvement, and have enhanced our ongoing efficiency initiatives to drive $40 million of expense savings on an annual basis. We are principally accelerating the integrations of some of our recent acquisitions, increasing automation across multiple functions enabled by our Unity enterprise resource planning tool, utilizing our enterprise strengths for greater purchasing leverage, and rationalizing our real estate footprint.”

Arrow Electronics sees FY2015 EPS above $6.00, versus the consensus of $6.33.

For earnings history and earnings-related data on Arrow Electronics (ARW) click here.

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