-- Sales of $6.8 billion, at high-end of guidance range --
-- Third-Quarter Earnings Per Diluted Share of $1.88; Non-GAAP Earnings Per Diluted Share of $2.38 --
CENTENNIAL, Colo. — (BUSINESS WIRE) — October 31, 2024 — Arrow Electronics, Inc. (NYSE: ARW) today announced financial results for its third quarter of 2024.
“In the third quarter, the company continued to execute well in a challenging environment. While the cyclical correction continues in our global components business, we saw enterprise IT spending gain momentum,” said Sean Kerins, Arrow’s president and chief executive officer. “I am pleased that we delivered revenue above the midpoint of our guidance range and non-GAAP earnings per diluted share ahead of our expectations,” said Mr. Kerins.
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Arrow Consolidated |
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Quarter Ended |
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Nine Months Ended |
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September 28, |
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September 30, |
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September 28, |
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September 30, |
(in millions except per share data) |
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2024 |
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2023 |
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2024 |
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2023 |
Consolidated sales |
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$ |
6,823 |
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$ |
8,007 |
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$ |
20,640 |
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$ |
25,258 |
Net income attributable to shareholders |
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101 |
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199 |
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293 |
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709 |
Net income per diluted share |
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1.88 |
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3.53 |
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5.42 |
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12.28 |
| Non-GAAP net income attributable to shareholders (1) |
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128 |
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233 |
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410 |
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757 |
| Non-GAAP net income per diluted share |
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2.38 |
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4.14 |
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7.59 |
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13.12 |
