Arrow Electronics Q1 2021 Earnings Report
Key Takeaways
Arrow Electronics reported first-quarter 2021 sales of $8.39 billion, a 31 percent increase from the previous year. First-quarter net income was $206 million, or $2.72 per share, compared to $50 million, or $0.61 per share in the first quarter of 2020.
First-quarter sales increased by 31% year over year, reaching $8.39 billion.
Net income for the first quarter was $206 million, or $2.72 per share.
Global components sales increased by 42% year over year.
Global enterprise computing solutions sales increased by 6% year over year.
Arrow Electronics
Arrow Electronics
Arrow Electronics Revenue by Segment
Forward Guidance
Arrow Electronics anticipates consolidated sales between $8.1 billion and $8.7 billion for the second quarter of 2021. Net income per share is expected to be $2.67 to $2.83, with non-GAAP net income per share estimated at $2.82 to $2.98.
Positive Outlook
- Consolidated sales of $8.1 billion to $8.7 billion
- Global components sales of $6.3 billion to $6.6 billion
- Global enterprise computing solutions sales of $1.8 billion to $2.1 billion
- Net income per share on a diluted basis of $2.67 to $2.83
- Non-GAAP net income per share on a diluted basis of $2.82 to $2.98
Challenges Ahead
- Average tax rate of approximately 23 percent
- Average diluted shares outstanding of 75 million
- Interest expense of approximately $33 million
- Expecting average USD-to-Euro exchange rate of $1.18 to €1
- Changes in foreign currencies to increase sales by approximately $150 million, and earnings per share on a diluted basis by $.08 compared to the second quarter of 2020
Revenue & Expenses
Visualization of income flow from segment revenue to net income