Arrow Electronics Inc. (NYSE: ARW) today announced its first quarter 2024 financial results.
Arrow Electronics Inc. (NYSE: ARW) today announced its first quarter 2024 financial results.
"We continue to perform well in a challenging market environment, with first quarter sales in line with our expectations and non-GAAP diluted earnings per share "In the first quarter, we generated $403 million of cash flow from operations," said Raj Agrawal, Arrow's senior vice president and chief financial officer. "Efficient working capital management enabled us to reduce inventory by $390 million in the first quarter and by more than $1 billion over the past two quarters. Our strong cash flow continues to provide us with ample financial flexibility, and we also repurchased approximately $100 million of our stock during the quarter."
Consolidated sales of $6.2 billion to $6.8 billion, global component sales of $4.6 billion to $5.0 billion, and global enterprise computing solutions sales of $1.6 billion to $1.8 billion
Diluted net income per share of $1.65 to $1.85, non-GAAP diluted net income per share of $2.05 to $2.25
Average tax rate between 23% and 25%
Interest expense of approximately $75 million
Foreign currency exchange rate changes will reduce sales by approximately $51 million and diluted earnings per share by $0.04 compared to the second quarter of 2023
Foreign currency exchange rate changes will reduce sales by $29 million and diluted earnings per share by $0.04 compared to the first quarter of 2024
Avnet Inc. (NASDAQ: AVT) also reported results for the period ending March 30, 2024, though Avnet counts these as third quarter results for the new fiscal year.
"Our third quarter results were in line with our expectations amid a weak economy and lower demand in the markets we serve. I am proud of our team's efforts to deliver strong operating cash flow as the benefits of our countercyclical balance sheet took effect this quarter," said Phil Gallagher, Avnet CEO. "Our fourth quarter outlook reflects the continuation of these market conditions. Looking ahead, our team remains focused on what we can control – delivering value to our customers and supplier partners, reducing operating costs, improving our working capital, generating cash flow and driving shareholder returns."
Sales of $5.7 billion, compared to $6.5 billion in the same period last year.
Diluted earnings per share were $0.97, compared to $2.03 in the same period last year.
Adjusted diluted earnings per share were $1.10, compared to $2.00 in the same period last year.
Operating margin was 3.4%, compared to 4.8% in the same period last year.
Adjusted operating margin was 3.6%.
Electronic components operating margin was 4.1%.
Farnell operating margin was 4.0%.
Operations generated nearly $500 million in cash flow.
Last 12 months operating cash flow was $650 million.
Returned $28 million in dividends to shareholders in the quarter.
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