-- Record Fourth-Quarter and Full-Year Sales and Operating Income --

-- Full-Year 2017 Sales Advanced $3 Billion Over Full-Year 2016 --

Arrow Electronics, Inc. (NYSE:ARW) today reported fourth-quarter 2017 sales of $7.63 billion, an increase of 18 percent from sales of $6.44 billion in the fourth quarter of 2016. Fourth-quarter net income of $54 million, or $0.60 per share on a diluted basis, compared with net income of $165 million, or $1.81 per share on a diluted basis, in the fourth quarter of 2016. Excluding certain items1, net income would have been $224 million, or $2.51 per share on a diluted basis, in the fourth quarter of 2017, compared with net income of $182 million, or $2.00 per share on a diluted basis, in the fourth quarter of 2016. In the fourth quarter of 2017, changes in foreign currencies had positive impacts on growth of approximately $190 million or 3 percent on sales and $0.09 or 5 percent on earnings per share on a diluted basis compared to the fourth quarter of 2016. In the fourth quarter of 2017 net income was negatively impacted by $125 million, or $1.40 per diluted share, related to U.S. tax legislation. In the fourth-quarter of 2017, net income, excluding certain items1, was positively impacted by $9 million, or $.10 per diluted share, due to tax reserve releases resulting in an effective tax rate that was below the low-end of our prior expected range.

“We are selling complete solutions enabling new entrant, mid-market, and large-scale customers to move quickly from idea to production. This is driving tremendous growth for our suppliers, and for Arrow, as evidenced by our record fourth quarter and full-year sales and operating income,” said Michael J. Long, chairman, president, and chief executive officer. “By making it easy for our customers and suppliers to capture growth, we have built unparalleled trust in the marketplace.”

Global components fourth-quarter sales of $4.94 billion grew 24 percent year over year. Fourth-quarter sales, as adjusted, grew 21 percent year over year. Americas components sales grew 25 percent year over year. Europe components sales grew 35 percent year over year. Sales in the region, as adjusted, grew 24 percent year over year. Asia-Pacific components sales grew 16 percent year over year. Sales in the region, as adjusted, grew 14 percent year over year. “Demand conditions remain strong around the world due to growing electronic content in the industrial and transportation end markets, and strong execution by our team,” said Mr. Long.

Global enterprise computing solutions fourth-quarter sales of $2.69 billion grew 10 percent year over year. Fourth-quarter sales, as adjusted, grew 6 percent year over year. Americas sales grew 5 percent year over year. Europe sales grew 19 percent year over year. Sales in the region, as adjusted, grew 8 percent year over year. “Fourth-quarter sales exceeded our expectation driven by new and expanded customer engagements, continued growth in our infrastructure software portfolio, and a return to growth for storage,” added Mr. Long.

FULL-YEAR RESULTS

Full-year 2017 sales of $26.81 billion increased 13 percent from sales of $23.83 billion in 2016. Net income for 2017 was $402 million, or $4.48 per share on a diluted basis, compared with net income of $523 million, or $5.68 per share on a diluted basis, in 2016. Excluding certain items1, net income would have been $679 million, or $7.56 per share on a diluted basis, in 2017 compared with net income of $610 million, or $6.63 per share on a diluted basis, in 2016. In 2017, changes in foreign currencies had positive impacts on growth of approximately $142 million, or 1 percent on sales, and $.07, or 1 percent, on earnings per share on a diluted basis compared to 2016.

“The investments we made to scale our business paid dividends in the fourth quarter. Operating income, excluding certain items1, grew 21 percent compared to 18 percent sales growth, and cash flow from operations was $123 million despite continued investment in working capital,” said Chris Stansbury, senior vice president and chief financial officer. “In the fourth quarter we reduced net leverage for the second quarter in a row, and we returned approximately $25 million to shareholders through our stock repurchase program. In 2017 we returned approximately $161 million to shareholders through our stock repurchase program. We had approximately $359 million of remaining authorization under our share repurchase programs at the end of the year.”

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.

 

GUIDANCE

“As we look to the first quarter, we believe that total sales will be between $6.4 billion and $6.8 billion, with global components sales between $4.7 billion and $4.9 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, to be in the range of $1.50 to $1.62, and earnings per share on a diluted basis, excluding any charges, to be in the range of $1.74 to $1.86 per share. Our guidance assumes an average tax rate in the range of 23.5 to 25.5 percent, down from our prior range of 27 to 29 percent due to U.S. tax legislation, and average diluted shares outstanding are expected to be 89 million. Our guidance assumes an increase in non-cash depreciation expense of $6 million related to the go-live on our Americas ERP system. We are expecting the average USD-to-Euro exchange rate for the first quarter to be approximately $1.22 to €1,” said Mr. Stansbury.

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 150,000 original equipment manufacturers, value-added resellers, contract manufacturers, and commercial customers through a global network. The company maintains over 300 sales facilities and 45 distribution and value-added centers, serving over 80 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 Dec. 31, 2017.

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 extinguishment of debt, impairment of assets held for sale, (gain)/loss on investments, and impact of tax reform. 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 Year Ended December 31, 2017     December 31, 2016 December 31, 2017     December 31, 2016 (Unaudited) (Unaudited) Sales $ 7,633,870 $ 6,442,891 $ 26,812,508 $ 23,825,261 Cost of sales 6,703,742   5,619,543   23,455,169   20,681,062 Gross profit 930,128 823,348 3,357,339 3,144,199 Operating expenses: Selling, general, and administrative expenses 562,234 518,329 2,162,996 2,052,863 Depreciation and amortization 40,503 37,679 153,599 159,195 Impairment of assets held for sale 21,000 — 21,000 — Restructuring, integration, and other charges 35,477   12,441   91,294   73,602 659,214   568,449   2,428,889   2,285,660 Operating income 270,914 254,899 928,450 858,539 Equity in earnings of affiliated companies 559 2,179 3,424 7,573 (Gain) loss on investment, net (19 ) — 14,231 — Loss on extinguishment of debt — — 59,545 — Interest and other financing expense, net 43,631   38,887   163,810   150,715 Income before income taxes 227,861 218,191 694,288 715,397 Provision for income taxes 172,128   53,233   287,126   190,674 Consolidated net income 55,733 164,958 407,162 524,723 Noncontrolling interests 1,848   440   5,200   1,973 Net income attributable to shareholders $ 53,885   $ 164,518   $ 401,962   $ 522,750   Net income per share: Basic 0.61 1.84 4.53 5.75 Diluted 0.60 1.81 4.48 5.68   Weighted average shares outstanding: Basic 88,120 89,596 88,681 90,960 Diluted 89,278 90,692 89,766 92,033     ARROW ELECTRONICS, INC. CONSOLIDATED BALANCE SHEETS (In thousands except par value)             December 31, 2017 December 31, 2016   ASSETS Current assets: Cash and cash equivalents $ 730,083 $ 534,320 Accounts receivable, net 8,171,092 6,746,687 Inventories, net 3,302,518 2,855,645 Other current assets 214,066   180,069   Total current assets 12,417,759   10,316,721   Property, plant, and equipment, at cost: Land 12,866 23,456 Buildings and improvements 160,664 175,141 Machinery and equipment 1,330,730   1,297,657   1,504,260 1,496,254 Less: Accumulated depreciation and amortization (665,785 ) (739,955 ) Property, plant, and equipment, net 838,475   756,299   Investments in affiliated companies 88,347 88,401 Intangible assets, net 286,215 336,882 Goodwill 2,470,047 2,392,220 Other assets 361,966   315,843   Total assets $ 16,462,809   $ 14,206,366   LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 6,756,830 $ 5,774,151 Accrued expenses 842,933 821,244 Short-term borrowings, including current portion of long-term debt 356,806   93,827   Total current liabilities 7,956,569   6,689,222   Long-term debt 2,933,045 2,696,334 Other liabilities 572,971 355,190 Equity: Shareholders' equity: Common stock, par value $1: Authorized – 160,000 shares in both 2017 and 2016 Issued – 125,424 shares in both 2017 and 2016 125,424 125,424 Capital in excess of par value 1,114,167 1,112,114 Treasury stock (37,733 and 36,511 shares in 2017 and 2016, respectively), at cost (1,762,239 ) (1,637,476 ) Retained earnings 5,599,192 5,197,230 Accumulated other comprehensive loss (125,005 ) (383,854 ) Total shareholders' equity 4,951,539 4,413,438 Noncontrolling interests 48,685   52,182   Total equity 5,000,224   4,465,620   Total liabilities and equity $ 16,462,809   $ 14,206,366           ARROW ELECTRONICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)         Quarter Ended December 31, 2017     December 31, 2016 Cash flows from operating activities: Consolidated net income $ 55,733 $ 164,958 Adjustments to reconcile consolidated net income to net cash provided by operations: Depreciation and amortization 40,503 37,679 Amortization of stock-based compensation 8,821 10,042 Equity in earnings of affiliated companies (559 ) (2,179 ) Deferred income taxes 25,150 (2,061 ) Gain on investment (19 ) — Impairment of assets held for sale 21,000 — Impairment of property, plant and equipment 4,761 — Other (1,711 ) 1,508 Change in assets and liabilities, net of effects of acquired businesses: Accounts receivable (1,063,514 ) (972,399 ) Inventories (124,015 ) (286,306 ) Accounts payable 930,406 1,095,530 Accrued expenses 37,972 149,935 Other assets and liabilities 188,250   22,260   Net cash provided by operating activities 122,778   218,967     Cash flows from investing activities: Cash consideration paid for acquired businesses — 4,195 Acquisition of property, plant, and equipment (54,352 ) (38,354 ) Other (3,147 ) —   Net cash used for investing activities (57,499 ) (34,159 )   Cash flows from financing activities: Change in short-term and other borrowings (26,893 ) 16,743 Proceeds from (repayment of) long-term bank borrowings, net 130,526 (7,000 ) Payments on note offering (941 ) — Redemption of notes (3,001 ) — Proceeds from exercise of stock options 772 2,281 Repurchases of common stock (25,114 ) (49,268 ) Other —   993   Net cash provided by (used for) financing activities 75,349   (36,251 ) Effect of exchange rate changes on cash 5,116   1,348   Net increase in cash and cash equivalents 145,744 149,905 Cash and cash equivalents at beginning of period 584,339   384,415   Cash and cash equivalents at end of period $ 730,083   $ 534,320       ARROW ELECTRONICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)           Year Ended December 31, 2017     December 31, 2016 Cash flows from operating activities: Consolidated net income $ 407,162 $ 524,723 Adjustments to reconcile consolidated net income to net cash provided by operations: Depreciation and amortization 153,599 159,195 Amortization of stock-based compensation 39,122 39,825 Equity in earnings of affiliated companies (3,424 ) (7,573 ) Loss on extinguishment of debt 59,545 — Deferred income taxes 38,412 28,130 Loss on investment, net 14,231 — Impairment of assets held for sale 21,000 — Impairment of property, plant and equipment 4,761 — Other 5,704 5,972 Change in assets and liabilities, net of effects of acquired businesses: Accounts receivable (1,122,598 ) (636,944 ) Inventories (379,835 ) (403,980 ) Accounts payable 816,602 582,165 Accrued expenses (3,838 ) 47,020 Other assets and liabilities 74,114   21,139   Net cash provided by operating activities 124,557   359,672     Cash flows from investing activities: Cash consideration paid for acquired businesses (3,628 ) (64,751 ) Acquisition of property, plant, and equipment (203,949 ) (164,695 ) Proceeds from sale of property, plant and equipment 24,433 — Other (5,614 ) (12,000 ) Net cash used for investing activities (188,758 ) (241,446 )   Cash flows from financing activities: Change in short-term and other borrowings (41,316 ) 48,684 Proceeds from long-term bank borrowings, net 47,760 313,000 Proceeds from note offering, net 986,203 — Redemption of notes (558,887 ) — Proceeds from exercise of stock options 22,195 18,967 Repurchases of common stock (174,239 ) (216,446 ) Purchase of shares from noncontrolling interest (23,350 ) — Other (1,620 ) (2,007 ) Net cash provided by financing activities 256,746   162,198   Effect of exchange rate changes on cash 3,218   (19,194 ) Net increase in cash and cash equivalents 195,763 261,230 Cash and cash equivalents at beginning of period 534,320   273,090   Cash and cash equivalents at end of period $ 730,083   $ 534,320       ARROW ELECTRONICS, INC. NON-GAAP SALES RECONCILIATION (In thousands) (Unaudited)       Quarter Ended     December 31, 2017     December 31, 2016 % Change   Consolidated sales, as reported $ 7,633,870 $ 6,442,891 18.5 % Impact of changes in foreign currencies

189,723 Impact of acquisitions

  —   Consolidated sales, as adjusted $ 7,633,870   $ 6,632,614   15.1 %   Global components sales, as reported $ 4,944,942 $ 3,995,491 23.8 % Impact of changes in foreign currencies — 100,057 Impact of acquisitions

  —   Global components sales, as adjusted $ 4,944,942   $ 4,095,548   20.7 %   Europe components sales, as reported $ 1,296,143 $ 963,349 34.5 % Impact of changes in foreign currencies — 84,946 Impact of acquisitions —   —   Europe components sales, as adjusted $ 1,296,143   $ 1,048,295   23.6 %   Asia components sales, as reported $ 1,718,973 $ 1,487,816 15.5 % Impact of changes in foreign currencies — 14,655 Impact of acquisitions —   —   Asia components sales, as adjusted $ 1,718,973   $ 1,502,471   14.4 %   Global ECS sales, as reported $ 2,688,928 $ 2,447,400 9.9 % Impact of changes in foreign currencies — 89,666 Impact of acquisitions

  —   Global ECS sales, as adjusted $ 2,688,928   $ 2,537,066   6.0 %   Europe ECS sales, as reported $ 970,875 $ 818,363 18.6 % Impact of changes in foreign currencies — 81,665 Impact of acquisitions —   —   Europe ECS sales, as adjusted $ 970,875   $ 900,028   7.9 %   Americas ECS sales, as reported $ 1,718,053 $ 1,629,037 5.5 % Impact of changes in foreign currencies — 8,001 Impact of acquisitions —   —   Americas ECS sales, as adjusted $ 1,718,053   $ 1,637,038   4.9 %     ARROW ELECTRONICS, INC. NON-GAAP SALES RECONCILIATION (In thousands) (Unaudited)         Year Ended December 31, 2017     December 31, 2016 % Change   Consolidated sales, as reported $ 26,812,508 $ 23,825,261 12.5 % Impact of changes in foreign currencies — 142,485 Impact of acquisitions —   48,148   Consolidated sales, as adjusted $ 26,812,508   $ 24,015,894   11.6 %   Global components sales, as reported $ 18,330,456 $ 15,408,839 19.0 % Impact of changes in foreign currencies — 86,902 Impact of acquisitions —   9,711   Global components sales, as adjusted $ 18,330,456   $ 15,505,452   18.2 %   Europe components sales, as reported $ 4,868,862 $ 4,086,607 19.1 % Impact of changes in foreign currencies — 55,710 Impact of acquisitions —   —   Europe components sales, as adjusted $ 4,868,862   $ 4,142,317   17.5 %   Asia components sales, as reported $ 6,451,209 $ 5,400,429 19.5 % Impact of changes in foreign currencies — 28,755 Impact of acquisitions —   —   Asia components sales, as adjusted $ 6,451,209   $ 5,429,184   18.8 %   Global ECS sales, as reported $ 8,482,052 $ 8,416,422 0.8 % Impact of changes in foreign currencies — 55,583 Impact of acquisitions —   38,437   Global ECS sales, as adjusted $ 8,482,052   $ 8,510,442   (0.3 )%   Europe ECS sales, as reported $ 2,804,486 $ 2,686,078 4.4 % Impact of changes in foreign currencies — 37,373 Impact of acquisitions —   —   Europe ECS sales, as adjusted $ 2,804,486   $ 2,723,451   3.0 %   Americas ECS sales, as reported $ 5,677,566 $ 5,730,344 (0.9 )% Impact of changes in foreign currencies — 18,210 Impact of acquisitions —   38,437   Americas ECS sales, as adjusted $ 5,677,566   $ 5,786,991   (1.9 )%     ARROW ELECTRONICS, INC. NON-GAAP EARNINGS RECONCILIATION (In thousands except per share data) (Unaudited)   Three months ended December 31, 2017  

ReportedGAAPmeasure

 

Intangibleamortizationexpense

  Restructuring& Integrationcharges  

Impact of theTax Act

  Other*   Non-GAAPmeasure Operating income $ 270,914 12,162 $ 35,477 $ — 21,000 $ 339,553 Income before income taxes 227,861 12,162 35,477 — 20,981 296,481 Provision for income taxes 172,128 4,321 10,954 (124,748 ) 8,112 70,767 Consolidated net income 55,733 7,841 24,523 124,748 12,869 225,714 Noncontrolling interests 1,848 147 — — — 1,995 Net income attributable to shareholders $ 53,885 $ 7,694 $ 24,523 $ 124,748 $ 12,869 $ 223,719 Net income per diluted share** $ 0.60 $ 0.09 $ 0.27 $ 1.40 $ 0.14 $ 2.51 Effective tax rate 75.5 % 23.9 %                           Three months ended December 31, 2016 ReportedGAAPmeasure Intangibleamortizationexpense Restructuring& Integrationcharges

Impact of theTax Act

Other Non-GAAPmeasure Operating income $ 254,899 13,634 $ 12,441 $ — — $ 280,974 Income before income taxes 218,191 13,634 12,441 — — 244,266 Provision for income taxes 53,233 4,870 3,733 — — 61,836 Consolidated net income 164,958 8,764 8,708 — — 182,430 Noncontrolling interests 440 336 — — — 776 Net income attributable to shareholders $ 164,518 $ 8,428 $ 8,708 $ — $ — $ 181,654 Net income per diluted share $ 1.81 $ 0.09 $ 0.10 $ — $ — $ 2.00 Effective tax rate 24.4 % 25.3 %                           Year Ended December 31, 2017 ReportedGAAPmeasure Intangibleamortizationexpense Restructuring& Integrationcharges

Impact of theTax Act

Other* Non-GAAPmeasure Operating income $ 928,450 $ 50,071 $ 91,294 $ — $ 21,000 $ 1,090,815 Income before income taxes 694,288 50,071 91,294 — 94,776 930,429 Provision for income taxes 287,126 17,744 28,846 (124,748 ) 36,578 245,546 Consolidated net income 407,162 32,327 62,448 124,748 58,198 684,883 Noncontrolling interests 5,200 701 — — — 5,901 Net income attributable to shareholders $ 401,962 $ 31,626 $ 62,448 $ 124,748 $ 58,198 $ 678,982 Net income per diluted share** $ 4.48 $ 0.35 $ 0.70 $ 1.39 $ 0.65 $ 7.56 Effective tax rate 41.4 % 26.4 %                           Year Ended December 31, 2016 ReportedGAAPmeasure Intangibleamortizationexpense Restructuring& Integrationcharges Impact of the Tax Act Other Non-GAAPmeasure Operating income $ 858,539 54,886 $ 73,602 $ — — $ 987,027 Income before income taxes 715,397 54,886 73,602 — — 843,885 Provision for income taxes 190,674 17,226 22,977 — — 230,877 Consolidated net income 524,723 37,660 50,625 — — 613,008 Noncontrolling interests 1,973 1,275 — — — 3,248 Net income attributable to shareholders $ 522,750 $ 36,385 $ 50,625 $ — $ — $ 609,760 Net income per diluted share $ 5.68 $ 0.40 $ 0.55 $ — $ — $ 6.63 Effective tax rate   26.7 %                   27.4 %

*Other includes gain/loss on investments, impairment of assets held for sale, and loss on extinguishment of debt.** The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.

    ARROW ELECTRONICS, INC. SEGMENT INFORMATION (In thousands) (Unaudited)                 Quarter Ended Year Ended December 31, 2017     December 31, 2016 December 31, 2017     December 31, 2016 Sales: Global components $ 4,944,942 $ 3,995,491 $ 18,330,456 $ 15,408,839 Global ECS 2,688,928   2,447,400   8,482,052   8,416,422   Consolidated $ 7,633,870   $ 6,442,891   $ 26,812,508   $ 23,825,261   Operating income (loss): Global components $ 217,337 $ 161,804 $ 801,027 $ 686,466 Global ECS 162,702 158,011 445,081 441,803 Corporate (a) (109,125 ) (64,916 ) (317,658 ) (269,730 )

Consolidated

$ 270,914   $ 254,899   $ 928,450   $ 858,539           (a)  

Includes restructuring, integration, and other charges of $36.1 million and $91.3 million for the fourth quarter and year ended December 31, 2017 and $12.4 million and $73.6 million for the fourth quarter and year ended December 31, 2016, respectively.

    NON-GAAP SEGMENT RECONCILIATION       Quarter Ended     Year Ended December 31, 2017   December 31, 2016 December 31, 2017   December 31, 2016 Global components operating income, as reported $ 217,337 $ 161,804 $ 801,027 $ 686,466 Intangible assets amortization expense 6,515   7,497   27,725   31,621 Global components operating income, as adjusted $ 223,852   $ 169,301   $ 828,752   $ 718,087 Global ECS operating income, as reported $ 162,702 $ 158,011 $ 445,081 $ 441,803 Intangible assets amortization expense 5,647   6,137   22,346   23,265 Global ECS operating income, as adjusted $ 168,349   $ 164,148   $ 467,427   $ 465,068

Arrow Electronics, Inc.Steven O’Brien, 303-824-4544Vice President, Investor RelationsorMedia Contact:John Hourigan, 303-824-4586Vice President, Global Communications

Arrow Electronics (NYSE:ARW)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Arrow Electronics Charts.
Arrow Electronics (NYSE:ARW)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Arrow Electronics Charts.