-- Record Third-Quarter Sales, Gross Profit
and Earnings per Share --
-- Third-Quarter Earnings per Share Up 17
Percent Year over Year --
Arrow Electronics, Inc. (NYSE:ARW) today reported third-quarter
2017 sales of $6.95 billion, an increase of 17 percent from sales
of $5.94 billion in the third quarter of 2016. Third-quarter net
income of $135 million, or $1.50 per share on a diluted basis,
compared with net income of $118 million, or $1.28 per share on a
diluted basis, in the third quarter of 2016. Excluding certain
items1, net income would have been $163 million, or $1.82 per share
on a diluted basis, in the third quarter of 2017, compared with net
income of $143 million, or $1.56 per share on a diluted basis, in
the third quarter of 2016.
“We are capitalizing on tremendous growth opportunities for the
business, and are delivering successful outcomes to both our
customers and suppliers. Our ability to provide solutions spanning
from sensor to sunset of electronic products’ lifecycles is
unmatched in the distribution and the broader technology
industries,” said Michael J. Long, chairman, president, and chief
executive officer. “Our third straight quarter of record results
highlights our leadership position.”
Global components third-quarter sales of $4.86 billion grew 25
percent year over year. Americas components sales grew 24 percent
year over year. Asia-Pacific components sales grew 24 percent year
over year. Europe components sales grew 25 percent year over year.
Sales in the region, as adjusted, grew 19 percent year over year.
Global components third-quarter operating income grew 21 percent
year over year and grew 20 percent year over year excluding
amortization of intangibles expense. “As we expected, we have
started to capture leverage on our market share gains as evidenced
by our accelerating profit growth,” said Mr. Long.
Global enterprise computing solutions third-quarter sales of
$2.09 billion grew 3 percent year over year. Europe enterprise
computing solutions sales grew 16 percent year over year. Sales in
the region, as adjusted, grew 11 percent year over year. Americas
enterprise computing solutions sales declined 2 percent year over
year. Global enterprise computing solutions third-quarter operating
income declined 1 percent year over year and declined 2 percent
year over year excluding amortization of intangibles expense.
“Continued growth in our infrastructure software and cloud
portfolio along with growth in servers drove sales higher this
quarter, and we remain confident in our strategy to return to
profitable growth in enterprise computing solutions,” added Mr.
Long.
“Third-quarter cash flow from operations was $135 million. We
made substantial investments to support our rapid growth this year,
and our disciplined approach to working capital management allowed
us to start seeing significant cash returns on those investments,”
said Chris Stansbury, senior vice president and chief financial
officer. “We remain committed to returning excess cash to
shareholders. During the third quarter we returned approximately
$25 million to shareholders through our stock repurchase program.
We had approximately $384 million of remaining authorization under
our share repurchase program at the end of the third quarter.”
NINE-MONTH RESULTS
In the first nine months of 2017, sales of $19.18 billion
increased 10 percent from sales of $17.38 billion in the first nine
months of 2016. Net income for the first nine months of 2017 was
$348 million, or $3.87 per share on a diluted basis, compared with
net income of $358 million, or $3.87 per share on a diluted basis
in the first nine months of 2016. Excluding certain items1, net
income would have been $455 million, or $5.06 per share on a
diluted basis, in the first nine months of 2017 compared with net
income of $428 million, or $4.63 per share on a diluted basis, in
the first nine months of 2016.
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 fourth quarter, we believe that total sales
will be between $7.2 billion and $7.6 billion, with global
components sales between $4.75 billion and $4.95 billion, and
global enterprise computing solutions sales between $2.45 billion
and $2.65 billion. As a result of this outlook, we expect earnings
per share on a diluted basis, to be in the range of $1.86 to $2.02,
and earnings per share on a diluted basis, excluding certain
items1, to be in the range of $2.21 to $2.37 per share. Our
guidance assumes interest expense will be approximately $44
million. The increase compared to the third quarter is due to
slightly higher interest rates on our new long-term borrowings
compared to our short-term borrowings, as well as normal, higher
intra-quarter borrowings to support our seasonally largest quarter.
Our guidance also assumes an average tax rate of 27 to 29 percent
and average diluted shares outstanding are expected to be 89
million. We are expecting the average USD-to-Euro exchange rate for
the fourth quarter to be approximately $1.18 to €1. At the
midpoints of our fourth-quarter guidance ranges, full-year 2017
sales would total approximately $26.58 billion, and would grow 12
percent compared to full-year 2016. Full-year 2017 earnings per
share, on a diluted basis, excluding certain items1, would total
approximately $7.35 and would grow 11 percent compared to full-year
2016,” 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 125,000 original
equipment manufacturers, contract manufacturers and commercial
customers through a global network of more than 465 locations
serving over 90 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, 2016.
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, income, or expense 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 to exclude
identifiable intangible amortization, restructuring, integration,
and other charges, and 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), and financing
activities. 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) (Unaudited)
Quarter Ended Nine
Months Ended September 30, 2017 October 1, 2016 September
30, 2017 October 1, 2016 Sales $
6,953,740 $ 5,936,092 $ 19,178,638 $ 17,382,370 Cost of sales
6,110,382 5,162,930 16,751,427 15,061,519
Gross profit 843,358 773,162 2,427,211
2,320,851 Operating expenses: Selling, general, and administrative
expenses 552,896 510,017 1,600,762 1,534,534 Depreciation and
amortization 38,574 40,194 113,096 121,516 Restructuring,
integration, and other charges 15,896 24,267 55,817
61,161 607,366 574,478 1,769,675
1,717,211 Operating income 235,992 198,684 657,536 603,640 Equity
in earnings of affiliated companies 1,216 1,311 2,865 5,394 Loss on
investment, net 15,000 — 14,250 — Loss on extinguishment of debt
786 — 59,545 — Interest and other financing expense, net 39,748
37,229 120,179 111,828 Income before income
taxes 181,674 162,766 466,427 497,206 Provision for income taxes
46,199 44,931 114,998 137,441 Consolidated net
income 135,475 117,835 351,429 359,765 Noncontrolling interests 845
108 3,352 1,533 Net income attributable to
shareholders $ 134,630 $ 117,727 $ 348,077 $
358,232 Net income per share: Basic $ 1.52 $ 1.29
$ 3.92 $ 3.92 Diluted $ 1.50 $ 1.28 $
3.87 $ 3.87 Weighted-average shares outstanding:
Basic 88,453 90,937 88,870 91,412 Diluted 89,540 91,938 89,936
92,487 ARROW ELECTRONICS, INC. CONSOLIDATED BALANCE SHEETS
(In thousands except par value) September 30, 2017
December 31, 2016 (Unaudited)
ASSETS Current assets: Cash
and cash equivalents $ 584,339 $ 534,320 Accounts receivable, net
7,070,629 6,746,687 Inventories 3,168,769 2,855,645 Other current
assets 215,431 180,069 Total current assets
11,039,168 10,316,721 Property, plant, and equipment,
at cost: Land 12,852 23,456 Buildings and improvements 158,865
175,141 Machinery and equipment 1,306,891 1,297,657
1,478,608 1,496,254 Less: Accumulated depreciation and amortization
(663,229 ) (739,955 ) Property, plant, and equipment, net 815,379
756,299 Investments in affiliated companies 86,626
88,401 Intangible assets, net 307,385 336,882 Goodwill 2,470,576
2,392,220 Other assets 337,832 315,843 Total assets $
15,056,966 $ 14,206,366
LIABILITIES AND EQUITY
Current liabilities: Accounts payable $ 5,799,723 $ 5,774,151
Accrued expenses 799,066 821,244 Short-term borrowings, including
current portion of long-term debt 380,208 93,827
Total current liabilities 6,978,997 6,689,222
Long-term debt 2,802,960 2,696,334 Other liabilities 349,717
355,190 Commitments and contingencies (Note L) 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
1,107,125 1,112,114 Treasury stock (37,463 and 36,511 shares in
2017 and 2016, respectively), at cost (1,739,473 ) (1,637,476 )
Retained earnings 5,545,307 5,197,230 Accumulated other
comprehensive loss (159,315 ) (383,854 ) Total shareholders' equity
4,879,068 4,413,438 Noncontrolling interests 46,224 52,182
Total equity 4,925,292 4,465,620 Total
liabilities and equity $ 15,056,966 $ 14,206,366
ARROW ELECTRONICS, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (Unaudited) Quarter Ended September 30,
2017 October 1, 2016 Cash flows from operating activities:
Consolidated net income $ 135,475 $ 117,835 Adjustments to
reconcile consolidated net income to net cash provided by
operations: Depreciation and amortization 38,574 40,194
Amortization of stock-based compensation 8,910 10,508 Equity in
earnings of affiliated companies (1,216 ) (1,311 ) Loss on
extinguishment of debt 786 — Deferred income taxes 1,437 2,522 Loss
on investments, net 14,250 — Other 2,207 1,510 Change in assets and
liabilities, net of effects of acquired businesses: Accounts
receivable (457,037 ) (193,791 ) Inventories (105,875 ) (95,184 )
Accounts payable 487,904 93,313 Accrued expenses 48,291 11,826
Other assets and liabilities (38,817 ) 38,199 Net cash
provided by operating activities 134,889 25,621
Cash flows from investing activities: Cash consideration
paid for acquired businesses (1,094 ) (23,473 ) Acquisition of
property, plant, and equipment (47,691 ) (38,005 ) Other 533
— Net cash used for investing activities (48,252 ) (61,478 )
Cash flows from financing activities: Change in short-term
and other borrowings (54,697 ) (35,670 ) Proceeds from (repayments
of) long-term bank borrowings, net (324,584 ) 87,000 Proceeds from
note offerings, net 492,519 — Redemption of notes 2,214 — Proceeds
from exercise of stock options 726 1,842 Repurchases of common
stock (25,462 ) (120,345 ) Other (675 ) (1,183 ) Net cash provided
by (used for) financing activities 90,041 (68,356 ) Effect
of exchange rate changes on cash (12,257 ) (7,143 ) Net increase
(decrease) in cash and cash equivalents 164,421 (111,356 ) Cash and
cash equivalents at beginning of period 419,918 495,771
Cash and cash equivalents at end of period $ 584,339
$ 384,415 ARROW ELECTRONICS, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine
Months Ended September 30, 2017 October 1, 2016 Cash flows
from operating activities: Consolidated net income $ 351,429 $
359,765 Adjustments to reconcile consolidated net income to
net cash provided by operations: Depreciation and amortization
113,096 121,516 Amortization of stock-based compensation 30,301
29,783 Equity in earnings of affiliated companies (2,865 ) (5,394 )
Loss on extinguishment of debt 59,545 — Deferred income taxes
13,262 30,191 Loss on investments, net 14,250 — Other 7,415 4,464
Change in assets and liabilities, net of effects of acquired
businesses: Accounts receivable (59,084 ) 335,455 Inventories
(255,820 ) (117,674 ) Accounts payable (113,804 ) (513,365 )
Accrued expenses (41,810 ) (102,915 ) Other assets and liabilities
(114,136 ) (1,121 ) Net cash provided by operating activities 1,779
140,705 Cash flows from investing activities:
Cash consideration paid for acquired businesses (3,628 ) (68,946 )
Acquisition of property, plant, and equipment (149,597 ) (126,341 )
Proceeds from sale of property, plant, and equipment 24,433 — Other
(2,467 ) (12,000 ) Net cash used for investing activities (131,259
) (207,287 ) Cash flows from financing activities: Change in
short-term and other borrowings (14,423 ) 31,941 Proceeds from
(repayments of) long-term bank borrowings, net (82,766 ) 320,000
Proceeds from note offerings, net 987,144 — Redemption of notes
(555,886 ) — Proceeds from exercise of stock options 21,423 16,686
Repurchases of common stock (149,125 ) (167,178 ) Purchase of
shares from noncontrolling interest (23,350 ) — Other (1,620 )
(3,000 ) Net cash provided by financing activities 181,397
198,449 Effect of exchange rate changes on cash (1,898 )
(20,542 ) Net increase in cash and cash equivalents 50,019 111,325
Cash and cash equivalents at beginning of period 534,320
273,090 Cash and cash equivalents at end of period $ 584,339
$ 384,415 ARROW ELECTRONICS, INC. NON-GAAP
SALES RECONCILIATION (In thousands) (Unaudited) Quarter
Ended September 30, 2017 October 1, 2016 % Change
Consolidated sales, as reported $ 6,953,740 $ 5,936,092 17.1
% Impact of changes in foreign currencies — 82,751 Impact of
acquisitions — 1,387 Consolidated sales, as adjusted $ 6,953,740 $
6,020,230 15.5 % Global components sales, as reported $
4,864,361 $ 3,904,447 24.6 % Impact of changes in foreign
currencies — 55,516 Impact of acquisitions — 1,387 Global
components sales, as adjusted $ 4,864,361 $ 3,961,350 22.8 %
Europe components sales, as reported $ 1,262,048 $ 1,008,135 25.2 %
Impact of changes in foreign currencies — 48,533 Impact of
acquisitions — — Europe components sales, as adjusted $ 1,262,048 $
1,056,668 19.4 % Asia components sales, as reported $
1,785,541 $ 1,436,316 24.3 % Impact of changes in foreign
currencies — 6,497 Impact of acquisitions — — Asia components
sales, as adjusted $ 1,785,541 $ 1,442,813 23.8 % Global ECS
sales, as reported $ 2,089,379 $ 2,031,645 2.8 % Impact of changes
in foreign currencies — 27,235 Impact of acquisitions — — Global
ECS sales, as adjusted $ 2,089,379 $ 2,058,880 1.5 % Europe
ECS sales, as reported $ 624,393 $ 539,932 15.6 % Impact of changes
in foreign currencies — 21,589 Impact of acquisitions — — Europe
ECS sales, as adjusted $ 624,393 $ 561,521 11.2 % Americas
ECS sales, as reported $ 1,464,986 $ 1,491,713 (1.8 )% Impact of
changes in foreign currencies — 5,646 Impact of acquisitions — —
Americas ECS sales, as adjusted $ 1,464,986 $ 1,497,359 (2.2 )%
ARROW ELECTRONICS, INC. NON-GAAP SALES RECONCILIATION (In
thousands) (Unaudited) Nine Months Ended September
30, 2017 October 1, 2016 % Change Consolidated sales,
as reported $ 19,178,638 $ 17,382,370 10.3 % Impact of changes in
foreign currencies — (47,238 ) Impact of acquisitions — 48,148
Consolidated sales, as adjusted $ 19,178,638 $ 17,383,280
10.3 % Global components sales, as reported $
13,385,514 $ 11,413,348 17.3 % Impact of changes in foreign
currencies — (13,155 ) Impact of acquisitions — 9,711 Global
components sales, as adjusted $ 13,385,514 $ 11,409,904 17.3
% Europe components sales, as reported $ 3,572,720 $
3,123,258 14.4 % Impact of changes in foreign currencies — (29,236
) Impact of acquisitions — — Europe components sales, as
adjusted $ 3,572,720 $ 3,094,022 15.5 % Asia
components sales, as reported $ 4,732,236 $ 3,912,613 20.9 % Impact
of changes in foreign currencies — 14,100 Impact of acquisitions —
— Asia components sales, as adjusted $ 4,732,236 $ 3,926,713
20.5 % Global ECS sales, as reported $ 5,793,124 $
5,969,022 (2.9 )% Impact of changes in foreign currencies — (34,082
) Impact of acquisitions — 38,437 Global ECS sales, as
adjusted $ 5,793,124 $ 5,973,377 (3.0 )% Europe ECS
sales, as reported $ 1,833,611 $ 1,867,715 (1.8 )% Impact of
changes in foreign currencies — (44,291 ) Impact of acquisitions —
— Europe ECS sales, as adjusted $ 1,833,611 $ 1,823,424
0.6 % Americas ECS sales, as reported $ 3,959,513 $
4,101,307 (3.5 )% Impact of changes in foreign currencies — 10,209
Impact of acquisitions — 38,437 Americas ECS sales, as
adjusted $ 3,959,513 $ 4,149,953 (4.6 )% ARROW
ELECTRONICS, INC. NON-GAAP EARNINGS RECONCILIATION (In thousands
except per share data) (Unaudited) Three months ended
September 30, 2017 ReportedGAAPmeasure
Intangibleamortizationexpense Restructuring&
Integrationcharges Other* Non-GAAPmeasure Operating
income $ 235,992 $ 12,645 $ 15,896 $ — $ 264,533 Income before
income taxes 181,674 12,645 15,896 15,786 226,001 Provision for
income taxes 46,199 4,474 5,319 6,089 62,081 Consolidated net
income 135,475 8,171 10,577 9,697 163,920 Noncontrolling interests
845 146 — — 991 Net income attributable to shareholders $ 134,630 $
8,025 $ 10,577 $ 9,697 $ 162,929 Net income per diluted share 1.50
0.09 0.12 0.11 1.82 Effective tax rate 25.4 % 27.5 %
Three months ended October 1, 2016 ReportedGAAPmeasure
Intangibleamortizationexpense Restructuring& Integrationcharges
Other Non-GAAPmeasure Operating income 198,684 13,893 24,267 —
236,844 Income before income taxes 162,766 13,893 24,267 — 200,926
Provision for income taxes 44,931 4,959 7,439 — 57,329 Consolidated
net income 117,835 8,934 16,828 — 143,597 Noncontrolling interests
108 347 — — 455 Net income attributable to shareholders $ 117,727
8,587 16,828 — 143,142 Net income per diluted share** 1.28 0.09
0.18 — 1.56 Effective tax rate 27.6 % 28.5 %
Nine months
ended September 30, 2017 ReportedGAAPmeasure
Intangibleamortizationexpense Restructuring& Integrationcharges
Other* Non-GAAPmeasure Operating income $ 657,536 37,909 55,817 —
751,262 Income before income taxes 466,427 37,909 55,817 73,795
633,948 Provision for income taxes 114,998 13,423 17,892 28,466
174,779 Consolidated net income 351,429 24,486 37,925 45,329
459,169 Noncontrolling interests 3,352 554 — — 3,906 Net income
attributable to shareholders $ 348,077 23,932 37,925 45,329 455,263
Net income per diluted share 3.87 0.27 0.42 0.50 5.06 Effective tax
rate 24.7 % 27.6 %
Nine months ended October 1, 2016
ReportedGAAPmeasure Intangibleamortizationexpense
Restructuring& Integrationcharges Other Non-GAAPmeasure
Operating income $ 603,640 41,252 61,161 — 706,053 Income before
income taxes 497,206 41,252 61,161 — 599,619 Provision for income
taxes 137,441 12,357 19,242 — 169,040 Consolidated net income
359,765 28,895 41,919 — 430,579 Noncontrolling interests 1,533 940
— — 2,473 Net income attributable to shareholders $ 358,232 27,955
41,919 — 428,106 Net income per diluted share** 3.87 0.30 0.45 —
4.63 Effective tax rate 27.6 % 28.2 %
* Other includes
loss on extinguishment of debt and loss on investment. **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 Nine Months Ended September 30, 2017
October 1, 2016 September 30, 2017 October 1, 2016
Sales: Global components $ 4,864,361 $ 3,904,447 $ 13,385,514 $
11,413,348 Global ECS 2,089,379 2,031,645 5,793,124
5,969,022 Consolidated $ 6,953,740 $ 5,936,092
$ 19,178,638 $ 17,382,370 Operating income
(loss): Global components $ 212,993 $ 175,507 $ 583,690 $ 524,662
Global ECS 94,797 96,181 282,379 283,792 Corporate (a) (71,798 )
(73,004 ) (208,533 ) (204,814 ) Consolidated $ 235,992 $
198,684 $ 657,536 $ 603,640 (a)
Includes restructuring, integration, and other charges of $15.9
million and $55.8 million for the third quarter and nine months
ended 2017 and $24.3 million and $61.2 million for the third
quarter and nine months ended 2016, respectively. NON-GAAP
SEGMENT RECONCILIATION Quarter Ended
Nine Months Ended September 30, 2017 October 1, 2016
September 30, 2017 October 1, 2016 Global components
operating income, as reported $ 212,993 $ 175,507 $ 583,690 $
524,662 Intangible assets amortization expense 6,984 7,679 21,210
24,124 Global components operating income, as adjusted $ 219,977 $
183,186 $ 604,900 $ 548,786 Global ECS operating income, as
reported $ 94,797 $ 96,181 $ 282,379 $ 283,792 Intangible assets
amortization expense 5,661 6,214 16,699 17,128 Global ECS operating
income, as adjusted $ 100,458 $ 102,395 $ 299,078 $ 300,920
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171102005307/en/
Arrow Electronics, Inc.Contact: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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