Arrow Electronics More Than Doubles Profits, Beats Estimates (ARW)

Melville, New York-based Arrow Electronics, Inc. ARW on Wednesday morning released financial results that just beat Wall Street expectations. Arrow Electronics, Inc reported that its 4th quarter net income more than doubled to $157.9 million, or $1.34 per share, up from $63.1 million, or 52 cents per share, a year earlier. Excluding special items, the company earned $1.29 per share. Arrow Electronics, Inc reported revenue of $5.24 billion, up from $4.20 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $1.28 per share, on revenue of $5.2 billion. Paul J. Reilly, executive vice president, finance and operations and chief financial officer, said, “Looking ahead, we believe that total first quarter sales will be between $4.75 and $5.15 billion, with global components sales between $3.55 and $3.75 billion and global enterprise computing solutions sales between $1.2 and $1.4 billion. Earnings per share, on a diluted basis, excluding any charges, are expected to be in the range of $1.06 to $1.16.” Arrow Electronics, Inc. (ARW) ended the previous trading session at $38.87 per share. Analysts covering the company's stock have a consensus price target of $39.64 per share. Arrow Electronics, Inc is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Read more from Benzinga's Company news.