Revenues fell from $4.3bn last year to $3.67bn this year. Nonetheless Michael Long (pictured), Arrow chief executive officer was upbeat about the company's performance.
"Our execution this quarter was excellent, exceeding our expectations for revenues, earnings per share and cash flow," he commented. 'We continue to control well those things that we can, no matter the economic environment. We continued to deliver on our commitment to simplify the business while remaining focused on our long-term goals to maximise sales and profitable market share growth." Global components sales of $2.54 billion decreased 15 per cent year over year.
"Global components revenue exceeded our expectations with double digit increases sequentially across all geographies," Long continued. "Year over year sales declines have begun to moderate in both North America and Europe and Asia continues to post sales gains. We are well positioned to take advantage of opportunities in the market place and will continue to grow profits and gain market share across this business, he said.
Income for the first nine months was $60.4m compared with $258.2m in the same period last year. Revenues were $10.5bn against $12.7bn last year.
The results were impacted by a $37.6m charge for restructuring and integration in order says the company to improve operating efficiencies.
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