Arrow Electronics Up 4.8% After Profits More Than Double (ARW)

Shares of Melville, New York-based Arrow Electronics, Inc. ARW are currently up 4.8% at $40.75 per share during Wednesday afternoon trading. Today's trading range for shares of Arrow Electronics, Inc has been between $38.62 and a 52-week high $40.86 per share. The consensus price target of analysts covering the company's stock is $39.64 per share. Volume of 1.4 million shares is already nearly double the daily average volume of 813,000 shares. Arrow Electronics, Inc. (ARW) released financial results early Wednesday morning that beat Wall Street estimates. Arrow Electronics, Inc reported 4th quarter adjusted earnings of $1.29 per share, on revenue of $5.24 billion. 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 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.