-- 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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180206005402/en/
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)
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