Arrow Electronics second quarter revenues fell 7 per cent to $5.15bn from $5.54bn in the previous year. Profit fell from $156.2m last year to $114.4m.
"In a challenging macroeconomic environment that weakened throughout the quarter, we executed well, with sales and earnings per share in line with our expectations. Although the macro environment continues to be challenging, we remain committed to selectively investing in line with our strategic priorities to drive organic growth and strengthen the business. At the same time, we are taking $20 million in additional cost and expense reduction actions as we continue to advance the efficiency of our organisation," said Michael J. Long, chairman, president, and chief executive officer.
Global components second-quarter sales of $3.45bn decreased 11 percent year over year. European sales, while in line with normal seasonality, were down 14 percent year over year in local currency.
"We remain focused on our key financial objectives and have generated more than $575 million in cash flow from operations over the last 12 months, well in excess of our target," said Paul J. Reilly, executive vice president, finance and operations and chief financial officer.
Global enterprise computing solutions ("ECS") second-quarter sales of $1.70bn increased 2 percent year over year. Sales were in line with expectations driven by another quarter of strong performance in ECS Europe, with sales increasing 12 percent year over year in local currency.
Net income for the first six months of 2012 was $228.0m compared with net income of $292.5 million, in the first six months of 2011. Sales of $10.04bn declined 7 percent year over year from sales of $10.76bn in the same period last year.