-- Full-Year 2015 Non-GAAP Earnings Per Share
of $6.19 ---- Full-Year 2015 Cash Flow from Operations of $655
Million --
Arrow Electronics, Inc. (NYSE:ARW) today reported fourth-quarter
2015 net income of $158.5 million, or $1.69 per share on a diluted
basis, compared with net income of $116.2 million, or $1.18 per
share on a diluted basis, in the fourth quarter of 2014. Excluding
certain items1, net income would have been $182.1 million, or $1.94
per share on a diluted basis, in the fourth quarter of 2015,
compared with net income of $184.4 million, or $1.88 per share on a
diluted basis, in the fourth quarter of 2014. Fourth-quarter sales
of $6.75 billion increased 6 percent from sales of $6.4 billion in
the prior year. Fourth-quarter sales, adjusted for the impact of
acquisitions and changes in foreign currencies, increased 4 percent
year over year. In the fourth quarter of 2015, changes in foreign
currencies had negative impacts on growth of approximately $270
million on sales and $.11 or 6 percent on earnings per share on a
diluted basis compared to the fourth quarter of 2014.
“Our strong execution during the fourth quarter drove record
results. Both our global components and enterprise computing
solutions businesses produced sales that were above the high end of
our expectations resulting in earnings per share of $1.94 that was
also above the high end of what we had anticipated,” said Michael
J. Long, chairman, president, and chief executive officer. “We
continue to differentiate our businesses with our focus on design
and value-added services for global components, and our
solution-selling approach for enterprise computing solutions.”
Global components fourth-quarter sales of $3.67 billion grew 2
percent year over year. Fourth-quarter sales, as adjusted, were
flat year over year. Americas components sales declined 4 percent
year over year. Europe components sales grew 8 percent year over
year. Sales in the region, as adjusted, grew 12 percent year over
year. Asia-Pacific components sales grew 6 percent year over year.
Sales in the region, as adjusted, declined 4 percent year over
year.
Global enterprise computing solutions fourth-quarter sales of
$3.08 billion grew 10 percent year over year. Americas sales grew
11 percent year over year. Sales in the region, as adjusted, grew 5
percent year over year. Europe sales grew 7 percent year over year.
Sales in the region, as adjusted, grew 22 percent year over year.
“Enterprise computing solutions posted record fourth-quarter sales
and operating income, and our software sales continued to
contribute a greater percentage of our product mix,” added Mr.
Long.
1 A reconciliation of non-GAAP adjusted financial measures,
including sales, as adjusted, operating income, as adjusted, net
income attributable to shareholders, as adjusted, and net income
per share, as adjusted, to GAAP financial measures is presented in
the reconciliation tables included herein.
FULL-YEAR RESULTS
Arrow’s net income for 2015 was $497.7 million, or $5.20 per
share on a diluted basis, compared with net income of $498 million,
or $4.98 per share on a diluted basis, in 2014. Excluding certain
items1, net income would have been $592.3 million, or $6.19 per
share on a diluted basis, in 2015, compared with net income of $593
million, or $5.93 per share on a diluted basis, in 2014. 2015 sales
of $23.28 billion increased 2 percent from sales of $22.77 billion
in 2014. Sales, adjusted for acquisitions and changes in foreign
currencies, increased 3 percent year over year. In 2015, changes in
foreign currencies had negative impacts on growth of approximately
$1.22 billion on sales and $.38 or 6 percent on earnings per share
on a diluted basis compared to 2014.
“We delivered excellent growth in 2015 despite the challenging
economic environment, with sales, as adjusted, up 3 percent year
over year, and diluted earnings per share of $6.19 up 11 percent
year over year adjusted for changes in foreign currencies,” said
Mr. Long.
“Cash flow from operations was $655 million in 2015 as we
continue to exceed our cash flow target,” said Paul J. Reilly,
executive vice president, finance and operations, and chief
financial officer. “The strong management of our balance sheet and
cash flow provided the opportunity for Arrow to reduce leverage
during the fourth quarter, and return approximately $341 million to
shareholders through our stock repurchase program in 2015.”
GUIDANCE
“As we look to the first quarter, we believe that total sales
will be between $5.25 billion and $5.65 billion, with global
components sales between $3.55 billion and $3.75 billion, and
global enterprise computing solutions sales between $1.7 billion
and $1.9 billion. As a result of this outlook, we expect earnings
per share on a diluted basis, excluding any charges, to be in the
range of $1.34 to $1.46 per share. Our guidance assumes an average
tax rate in the range of 27 to 29 percent and average diluted
shares outstanding are expected to be 93 million. We are expecting
the average USD-to-Euro exchange rate for the first quarter to be
approximately $1.10 to €1,” said Mr. Reilly.
As disclosed today in a Form 8-K filed with the Securities and
Exchange Commission, on January 22, Arrow determined that it had
been the target of a criminal fraud by persons impersonating a
company executive, which resulted in unauthorized transfers of cash
from a Company account to outside bank accounts in Asia.
Investigation and legal action by the Company and law enforcement
are ongoing and the results of, and timing to conclude, these
investigations are uncertain. The Company expects to record a
one-time charge of $13 million in the first quarter of 2016. To
date, the findings of our ongoing investigation indicate that this
is an isolated event not associated with a security breach or loss
of data.
Please refer to the CFO commentary, which can be found at
investor.arrow.com, as a supplement to the company’s earnings
release.
Arrow Electronics (www.arrow.com) is a global provider of
products, services and solutions to industrial and commercial users
of electronic components and enterprise computing solutions. Arrow
serves as a supply channel partner for more than 100,000 original
equipment manufacturers, contract manufacturers and commercial
customers through a global network of more than 460 locations
serving over 85 countries.
Information Relating to Forward-Looking
Statements
This press release includes forward-looking statements that are
subject to numerous assumptions, risks, and uncertainties, which
could cause actual results or facts to differ materially from such
statements for a variety of reasons, including, but not limited to:
industry conditions, the company's implementation of its new
enterprise resource planning system, changes in product supply,
pricing and customer demand, competition, other vagaries in the
global components and global enterprise computing solutions
markets, changes in relationships with key suppliers, increased
profit margin pressure, the effects of additional actions taken to
become more efficient or lower costs, risks related to the
integration of acquired businesses, changes in legal and regulatory
matters, and the company’s ability to generate additional cash
flow. Forward-looking statements are those statements which are not
statements of historical fact. These forward-looking statements can
be identified by forward-looking words such as "expects,"
"anticipates," "intends," "plans," "may," "will," "believes,"
"seeks," "estimates," and similar expressions. Shareholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. The company undertakes no obligation to update
publicly or revise any of the forward-looking statements.
For a further discussion of factors to consider in connection
with these forward-looking statements, investors should refer to
Item 1A Risk Factors of the company’s Annual Report on Form 10-K
for the year ended December 31, 2015.
Certain Non-GAAP Financial
Information
In addition to disclosing financial results that are determined
in accordance with accounting principles generally accepted in the
United States (“GAAP”), the company also provides certain non-GAAP
financial information relating to sales, operating income, net
income attributable to shareholders, and net income per basic and
diluted share. The company provides sales on a non-GAAP basis
adjusted for the impact of changes in foreign currencies and the
impact of acquisitions by adjusting the company's operating results
for businesses acquired, including the amortization expense related
to acquired intangible assets, as if the acquisitions had occurred
at the beginning of the earliest period presented (referred to as
"impact of acquisitions"). Operating income, net income
attributable to shareholders, and net income per basic and diluted
share are adjusted for certain charges, credits, gains, and losses
that the company believes impact the comparability of its results
of operations. These charges, credits, gains, and losses arise out
of the company’s efficiency enhancement initiatives, acquisitions
(including intangible assets amortization expense), loss on
prepayment of debt, and (gain)/loss on investments. A
reconciliation of the company’s non-GAAP financial information to
GAAP is set forth in the tables below.
The company believes that such non-GAAP financial information is
useful to investors to assist in assessing and understanding the
company’s operating performance and underlying trends in the
company’s business because management considers these items
referred to above to be outside the company’s core operating
results. This non-GAAP financial information is among the primary
indicators management uses as a basis for evaluating the company’s
financial and operating performance. In addition, the company’s
Board of Directors may use this non-GAAP financial information in
evaluating management performance and setting management
compensation.
The presentation of this additional non-GAAP financial
information is not meant to be considered in isolation or as a
substitute for, or alternative to, sales, operating income, net
income and net income per basic and diluted share determined in
accordance with GAAP. Analysis of results and outlook on a non-GAAP
basis should be used as a complement to, and in conjunction with,
data presented in accordance with GAAP.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
Quarter Ended
December 31,
Year Ended
December 31,
2015 2014 2015 2014 Sales $ 6,751,342 $
6,396,879 $ 23,282,020 $ 22,768,674 Costs and expenses: Cost of
sales 5,912,376 5,581,020 20,246,770 19,772,779 Selling, general,
and administrative expenses 529,089 506,074 1,986,249 1,959,749
Depreciation and amortization 37,900 40,693 155,754 156,048
Restructuring, integration, and other charges 17,666 14,660 68,765
39,841 Trade name impairment charge - 78,000 -
78,000 6,497,031 6,220,447 22,457,538
22,006,417 Operating income 254,311 176,432 824,482 762,257
Equity in earnings of affiliated companies 2,147 2,528 7,037 7,318
Gain on sale of investment - - 2,008 29,743 Loss on prepayment of
debt - - 2,943 - Interest and other financing expense, net 34,442
29,906 135,401 115,985 Other Expense 1,500 -
3,000 - Income before income taxes 220,516 149,054 692,183
683,333 Provision for income taxes 61,108 32,768
191,697 184,943 Consolidated net income 159,408
116,286 500,486 498,390 Noncontrolling interests 916
109 2,760 345 Net income attributable to shareholders
$ 158,492 $ 116,177 $ 497,726 $ 498,045
Net income per share:
Basic
$ 1.71 $ 1.20 $ 5.26 $ 5.05
Diluted
$ 1.69 $ 1.18 $ 5.20 $ 4.98 Weighted average shares
outstanding: Basic 92,731 96,794 94,608 98,675 Diluted 94,039
98,102 95,686 99,947
ARROW ELECTRONICS, INC.CONSOLIDATED
BALANCE SHEETS(In thousands except par value)
December 31, 2015 2014 ASSETS Current assets: Cash
and cash equivalents $ 273,090 $ 400,355 Accounts receivable, net
6,161,418 6,043,850 Inventories 2,466,490 2,335,257 Other current
assets 285,473 253,145 Total current
assets 9,186,471 9,032,607 Property,
plant, and equipment, at cost: Land 23,547 23,770 Buildings and
improvements 162,011 144,530 Machinery and equipment
1,250,115 1,146,045 1,435,673 1,314,345 Less:
Accumulated depreciation and amortization (735,495 )
(678,046 ) Property, plant, and equipment, net 700,178
636,299 Investments in affiliated companies
73,376 69,124 Intangible assets, net 389,326 335,711 Cost in excess
of net assets of companies acquired 2,368,832 2,069,209 Other
assets 303,747 292,351 Total assets $
13,021,930 $ 12,435,301 LIABILITIES AND EQUITY
Current liabilities: Accounts payable $ 5,192,665 $ 5,027,103
Accrued expenses 819,463 797,464 Short-term borrowings, including
current portion of long-term debt 44,024
13,454 Total current liabilities 6,056,152
5,838,021 Long-term debt 2,380,575 2,067,898
Other liabilities 390,392 370,471 Equity: Shareholders' equity:
Common stock, par value $1: Authorized – 160,000 shares in both
2015 and 2014 Issued – 125,424 shares in both 2015 and 2014 125,424
125,424 Capital in excess of par value 1,107,314 1,086,082 Treasury
stock (34,501 and 29,529 shares in 2015 and 2014, respectively), at
cost (1,480,069 ) (1,169,673 ) Retained earnings 4,674,480
4,176,754 Accumulated other comprehensive loss (284,706 )
(64,617 ) Total shareholders' equity 4,142,443 4,153,970
Noncontrolling interests 52,368 4,941
Total equity 4,194,811 4,158,911 Total
liabilities and equity $ 13,021,930 $ 12,435,301
ARROW ELECTRONICS, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)
Quarter Ended
December 31,
2015 2014 Cash flows from operating
activities: Consolidated net income $ 159,408 $ 116,286 Adjustments
to reconcile consolidated net income to net cash used for
operations: Depreciation and amortization 37,900 40,693
Amortization of stock-based compensation 13,491 10,647 Equity in
earnings of affiliated companies (2,147 ) (2,528 ) Deferred income
taxes (21,048 ) (37,112 ) Restructuring, integration, and other
charges 13,199 11,222 Trade name impairment charge - 78,000 Excess
tax benefits from stock-based compensation arrangements (48 ) (152
) Other 2,837 657 Change in assets and liabilities, net of effects
of acquired businesses: Accounts receivable (1,125,272 ) (1,078,058
) Inventories 2,100 (112,860 ) Accounts payable 1,352,100 1,260,888
Accrued expenses 115,668 162,561 Other assets and liabilities
(4,053 ) 6,809 Net cash provided by operating
activities 544,135 457,053 Cash
flows from investing activities: Cash consideration paid for
acquired businesses (1,821 ) (33,359 ) Acquisition of property,
plant, and equipment (41,744 ) (34,624 ) Proceeds from sale of
facilities 3,496 - Net cash used for
investing activities (40,069 ) (67,983 ) Cash flows
from financing activities: Change in short-term and other
borrowings (42,576 ) (3,298 ) Proceeds from (repayment of)long-term
bank borrowings, net (366,700 ) (134,800 ) Proceeds from exercise
of stock options 178 775 Excess tax benefits from stock-based
compensation arrangements 48 152 Repurchases of common stock
(149,833 ) (115,352 ) Other (1,937 ) (1,499 ) Net
cash used for financing activities (560,820 )
(254,022 ) Effect of exchange rate changes on cash (6,900 )
7,074 Net increase (decrease) in cash and cash
equivalents (63,654 ) 142,122 Cash and cash equivalents at
beginning of period 336,744 258,233
Cash and cash equivalents at end of period $ 273,090 $
400,355
ARROW ELECTRONICS, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS(In thousands)
Year Ended
December 31,
2015 2014 Cash flows from operating
activities: Consolidated net income $ 500,486 $ 498,390 Adjustments
to reconcile consolidated net income to net cash provided by
operations: Depreciation and amortization 155,754 156,048
Amortization of stock-based compensation 47,274 41,930 Equity in
earnings of affiliated companies (7,037 ) (7,318 ) Deferred income
taxes 5,833 (25,744 ) Restructuring, integration, and other charges
51,305 29,324 Trade name impairment charge - 78,000 Gain on sale of
investment (2,008 ) (18,269 ) Excess tax benefits from stock-based
compensation arrangements (5,911 ) (7,129 ) Other 10,894 2,686
Change in assets and liabilities, net of effects of acquired
businesses: Accounts receivable (68,990 ) (521,613 ) Inventories
(42,790 ) (210,789 ) Accounts payable 33,398 628,697 Accrued
expenses 4,834 12,396 Other assets and liabilities (27,963 )
16,692 Net cash provided by operating activities
655,079 673,301 Cash flows from
investing activities: Cash consideration paid for acquired
businesses (514,731 ) (162,881 ) Acquisition of property, plant,
and equipment (154,800 ) (122,505 ) Proceeds from sale of
facilities 3,496 - Proceeds from sale of investment 2,008
40,542 Net cash used for investing activities
(664,027 ) (244,844 ) Cash flows from
financing activities: Change in short-term and other borrowings
(46,645 ) (12,541 ) Proceeds from (repayment of) long-term bank
borrowings, net (128,000 ) (145,000 ) Net proceeds from note
offering 688,162 - Redemption of notes (254,313 ) - Proceeds from
exercise of stock options 14,900 21,788 Excess tax benefits from
stock-based compensation arrangements 5,911 7,129 Repurchases of
common stock (356,434 ) (304,763 ) Other (7,768 )
(1,499 ) Net cash used for financing activities (84,187 )
(434,886 ) Effect of exchange rate changes on cash
(34,130 ) 16,182 Net increase (decrease) in cash and
cash equivalents (127,265 ) 9,753 Cash and cash equivalents at
beginning of year 400,355 390,602 Cash
and cash equivalents at end of year $ 273,090 $ 400,355
ARROW ELECTRONICS, INC.NON-GAAP SALES
RECONCILIATION(In thousands)(Unaudited)
Quarter Ended
December 31,
2015 2014 % Change Consolidated sales, as reported $
6,751,342 $ 6,396,879 5.5 % Impact of changes in foreign currencies
- (283,102 ) Impact of acquisitions 143 359,241
Consolidated sales, as adjusted $ 6,751,485 $ 6,473,018
4.3 % Global components sales, as reported $
3,668,804 $ 3,591,212 2.2 % Impact of changes in foreign currencies
- (132,631 ) Impact of acquisitions 143 213,732
Global components sales, as adjusted $ 3,668,947 $ 3,672,313
(0.1 %) Europe components sales, as reported $
972,125 $ 896,334 8.5 % Impact of changes in foreign currencies -
(114,518 ) Impact of acquisitions 143 85,152
Europe components sales, as adjusted $ 972,268 $ 866,968
12.1 % Asia components sales, as reported $ 1,215,242 $
1,151,852 5.5 % Impact of changes in foreign currencies - (13,492 )
Impact of acquisitions - 123,001 Asia
components sales, as adjusted $ 1,215,242 $ 1,261,361 (3.7
%) Global ECS sales, as reported $ 3,082,538 $ 2,805,667 9.9
% Impact of changes in foreign currencies - (150,471 ) Impact of
acquisitions - 145,509 Global ECS sales, as
adjusted $ 3,082,538 $ 2,800,705 10.1 % Europe ECS
sales, as reported $ 1,054,926 $ 983,620 7.2 % Impact of changes in
foreign currencies - (120,591 ) Impact of acquisitions -
- Europe ECS sales, as adjusted $ 1,054,926 $ 863,029
22.2 % Americas ECS sales, as reported $ 2,027,612 $
1,822,047 11.3 % Impact of changes in foreign currencies - (29,880
) Impact of acquisitions - 145,509 Americas
ECS sales, as adjusted $ 2,027,612 $ 1,937,676 4.6 %
ARROW ELECTRONICS, INC. NON-GAAP SALES RECONCILIATION (In
thousands) (Unaudited)
Year Ended
December 31,
2015 2014 % Change Consolidated sales, as reported $
23,282,020 $ 22,768,674 2.3 % Impact of changes in foreign
currencies - (1,315,027 ) Impact of acquisitions 402,726
1,572,987 Consolidated sales, as adjusted $
23,684,746 $ 23,026,634 2.9 % Global components
sales, as reported $ 14,405,793 $ 14,313,026 0.6 % Impact of
changes in foreign currencies - (737,358 ) Impact of acquisitions
319,725 968,016 Global components sales, as
adjusted $ 14,725,518 $ 14,543,684 1.3 % Europe
components sales, as reported $ 3,874,744 $ 3,819,427 1.5 % Impact
of changes in foreign currencies - (660,290 ) Impact of
acquisitions 104,634 382,318 Europe components
sales, as adjusted $ 3,979,378 $ 3,541,455 12.4 %
Asia components sales, as reported $ 4,720,210 $ 4,564,293 3.4 %
Impact of changes in foreign currencies - (60,840 ) Impact of
acquisitions 211,745 500,494 Asia components
sales, as adjusted $ 4,931,955 $ 5,003,947 (1.4 %)
Global ECS sales, as reported $ 8,876,227 $ 8,455,648 5.0 % Impact
of changes in foreign currencies - (577,670 ) Impact of
acquisitions 83,001 604,971 Global ECS sales,
as adjusted $ 8,959,228 $ 8,482,949 5.6 % Europe ECS
sales, as reported $ 2,913,995 $ 3,044,677 (4.3 %) Impact of
changes in foreign currencies - (491,623 ) Impact of acquisitions
- - Europe ECS sales, as adjusted $ 2,913,995
$ 2,553,054 14.1 % Americas ECS sales, as reported $
5,962,232 $ 5,410,971 10.2 % Impact of changes in foreign
currencies - (86,046 ) Impact of acquisitions 83,001
604,971 Americas ECS sales, as adjusted $ 6,045,233 $
5,929,896 2.0 % ARROW ELECTRONICS, INC. NON-GAAP
EARNINGS RECONCILIATION (In thousands except per share data)
(Unaudited)
Quarter Ended
December 31,
Year Ended
December 31,
2015 2014 2015 2014 Operating income, as
reported $ 254,311 $ 176,432 $ 824,482 $ 762,257 Intangible assets
amortization expense 11,743 11,138 51,036 44,063 Restructuring,
integration, and other charges 17,666 14,660 68,765 39,841 Trade
name impairment charge - 78,000 -
78,000 Operating income, as adjusted $ 283,720 $ 280,230 $
944,283 $ 924,161 Net income attributable to
shareholders, as reported $ 158,492 $ 116,177 $ 497,726 $ 498,045
Intangible assets amortization expense 9,537 9,105 41,256 35,965
Restructuring, integration, and other charges 13,199 11,222 51,304
29,324 Trade name impairment charge - 47,911 - 47,911 Loss on
prepayment of debt - - 1,808 - (Gain)/loss on investments
921 - 175 (18,269 ) Net income attributable to
shareholders, as adjusted $ 182,149 $ 184,415 $ 592,269 $ 592,976
Net income per basic share, as reported $ 1.71 $ 1.20
$ 5.26 $ 5.05 Intangible assets amortization expense 0.10 0.09 0.44
0.36 Restructuring, integration, and other charges 0.14 0.12 0.54
0.30 Trade name impairment charge - 0.49 - 0.49 Loss on prepayment
of debt - - 0.02 - (Gain)/loss on investments 0.01 -
0.00 (0.19 ) Net income per basic share, as adjusted
$ 1.96 $ 1.91 $ 6.26 $ 6.01 Net income per diluted
share, as reported $ 1.69 $ 1.18 $ 5.20 $ 4.98 Intangible assets
amortization expense 0.10 0.09 0.43 0.36 Restructuring,
integration, and other charges 0.14 0.11 0.54 0.29 Trade name
impairment charge - 0.49 - 0.48 Loss on prepayment of debt - - 0.02
- (Gain)/loss on investments 0.01 - 0.00
(0.18 ) Net income per diluted share, as adjusted $ 1.94 $
1.88 $ 6.19 $ 5.93
The sum of the components for basic and
diluted net income per share, as adjusted, may not agree to totals,
as presented, due to rounding.
ARROW ELECTRONICS, INC.SEGMENT
INFORMATION(In thousands)(Unaudited)
Quarter Ended
December 31,
Year Ended
December 31,
2015 2014 2015 2014
Sales: Global components $ 3,668,804 $ 3,591,212 $ 14,405,793 $
14,313,026 Global ECS 3,082,538 2,805,667
8,876,227 8,455,648 Consolidated
$ 6,751,342 $ 6,396,879 $ 23,282,020 $
22,768,674 Operating income (loss): Global components
$ 149,940 $ 153,753 $ 649,396 $ 653,992 Global ECS 173,919 160,251
424,063 389,571 Corporate (a) (69,548 ) (137,572 )
(248,977 ) (281,306 ) Consolidated $ 254,311 $
176,432 $ 824,482 $ 762,257 (a)
Includes restructuring, integration, and other charges of $17.7
million and $68.8 million for the fourth quarter and Year Ended
2015 and $14.7 million and $39.8 million for the fourth quarter and
Year Ended 2014, respectively.
NON-GAAP SEGMENT RECONCILIATION
Quarter Ended
December 31,
Year Ended
December 31,
2015 2014 2015 2014 Global components operating
income, as reported $ 149,940 $ 153,753 $ 649,396 $ 653,992
Intangible assets amortization expense 6,657 5,463
27,125 21,962 Global components operating income, as
adjusted $ 156,597 $ 159,216 $ 676,521 $ 675,954 Global ECS
operating income, as reported $ 173,919 $ 160,251 $ 424,063 $
389,571 Intangible assets amortization expense 5,086
5,675 23,911 22,101 Global ECS operating income, as
adjusted $ 179,005 $ 165,926 $ 447,974 $ 411,672
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160204005457/en/
Arrow Electronics, Inc.Contact:Steven O’Brien,
303-824-4544Director, Investor RelationsorPaul J. Reilly,
631-847-1872Executive Vice President, Finance and Operations,
andChief Financial OfficerorMedia Contact:John Hourigan,
303-824-4586Vice President, Global Communications
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