Arrow Electronics Inc. has published its earnings report for the first quarter, showing a decline from the same period in the previous year, albeit surpassing Street estimates.
The company's total earnings amounted to $83.60 million, which translates to $1.53 per share. The figure was significantly higher in the first quarter of last year, coming to $273.75 million or $4.60 per share.
Factor out incidental items, Arrow Electronics Inc's adjusted earnings were reported at $131.86 million, equating to $2.41 per share for the quarter. Analysts had predicted that the company would earn an average of $2.37 per share, as compiled by Thomson Reuters, from data that normally excludes special items.
In the same quarter, the company's revenue dropped by 20.8% to $6.92 billion, down from $8.74 billion the previous year.
A snapshot of Arrow Electronics Inc.'s earnings based the GAAP (Generally Accepted Accounting Principles) is as follows:
- Earnings for Q1 amounted to $83.60 Million, a drop from $273.75 Million the previous year.
- Earnings per share (EPS) for Q1 stand at $1.53, down from $4.60 the previous year.
- Revenue for Q1 was $6.92 Billion, down from $8.74 Billion the previous year.
As for future projections, the company has provided the following guidance:
- The predicted EPS for next quarter stands between $2.05 to $2.25.
- Revenue for the next quarter is expected to be between $6.20 billion - $6.80 billion.
