-- Sales of $6.9 billion in line with guidance --
-- First-Quarter Earnings Per Diluted Share of $1.53; Non-GAAP Earnings Per Diluted Share of $2.41 --

CENTENNIAL, Colo. — (BUSINESS WIRE) — May 2, 2024 — Arrow Electronics, Inc. (NYSE: ARW) today announced financial results for its first quarter of 2024.

“We continued to execute well in a challenging market environment and delivered first-quarter sales in line with our expectations, with non-GAAP earnings per diluted share above the high end of our guidance range,” said Sean Kerins, Arrow’s president and chief executive officer.

“In the current environment, we’re focused on managing factors within our control including effective use of working capital, appropriate cost discipline, and protecting our strategic growth priorities,” said Mr. Kerins.

In the first quarter of 2024, sales decreased 21 percent year over year. Changes in foreign currencies had an immaterial impact compared to the first quarter of 2023.

Global Components

“While the industry’s cyclical correction is ongoing, we are beginning to see improvement in leading indicators with customer inventory levels declining, our book-to-bill ratios for both semiconductors and IP&E improving in all regions and our backlog continuing to trend towards more normal levels. From an end-market perspective, we saw relative strength in transportation in the Americas, aerospace and defense in EMEA, and consumer verticals in Asia,” said Mr. Kerins.