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Apr 01, 2023
Arrow Electronics Q1 2023 Earnings Report
Arrow Electronics reported first-quarter 2023 results, with revenue and EPS exceeding the midpoint of guidance.
Key Takeaways
Arrow Electronics reported first-quarter 2023 sales of $8.74 billion, a decrease of 4 percent year over year. First-quarter net income was $274 million, or $4.60 per share on a diluted basis. The company repurchased $300 million of shares during the first quarter.
First-quarter earnings per share were $4.60; non-GAAP earnings per share was $4.60.
Revenue and EPS exceeded the midpoint of guidance.
Global components first-quarter sales were $6.86 billion, a decrease of 5 percent year over year.
Global enterprise computing solutions (ECS) first-quarter sales were $1.88 billion, flat year over year.
Arrow Electronics
Arrow Electronics
Arrow Electronics Revenue by Geographic Location
Revenue by Geographic Location
Americas Components Revenue
CapyFin.comAsiaPacific Components Revenue
CapyFin.comEMEA Components Revenue
CapyFin.comAmericas ECS Revenue
CapyFin.comEMEA ECS Revenue
CapyFin.com Forward Guidance
Arrow Electronics provided second-quarter 2023 outlook, including consolidated sales of $8.42 billion to $9.02 billion and net income per share on a diluted basis of $4.10 to $4.30.
Positive Outlook
- Consolidated sales of $8.42 billion to $9.02 billion
- Global components sales of $6.64 billion to $7.04 billion
- Global enterprise computing solutions sales of $1.78 billion to $1.98 billion
- Net income per share on a diluted basis of $4.10 to $4.30
- Non-GAAP net income per share on a diluted basis of $4.25 to $4.45
Challenges Ahead
- Average tax rate of approximately 23.5 percent compared to the long-term range of 23 to 25 percent
- Average diluted shares outstanding of 57.95 million
- Interest expense of approximately $90 million
- Changes in foreign currencies expected to increase year-over-year growth in sales by $12 million, not expected to have a significant impact on earnings per share on a diluted basis compared to the second quarter of 2022
- Changes in foreign currencies expected to increase quarter-over-quarter growth in sales by $54 million and earnings per share on a diluted basis by $0.04 compared to the first quarter of 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income