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Jul 01, 2023
Arrow Electronics Q2 2023 Earnings Report
Second quarter results reported with revenue in line with guidance and non-GAAP EPS above midpoint of guidance.
Key Takeaways
Arrow Electronics reported second-quarter 2023 sales of $8.51 billion, a decrease of 10 percent year over year. Second-quarter net income was $237 million, or $4.12 per share on a diluted basis. Non-GAAP net income was $251 million, or $4.37 per share on a diluted basis.
Second-Quarter Earnings Per Share of $4.12; Non-GAAP Earnings Per Share of $4.37
Revenue in line with guidance; Non-GAAP EPS above midpoint of guidance
Global components second-quarter sales of $6.68 billion reflected a decrease of 10 percent year over year.
Global enterprise computing solutions (ECS) second-quarter sales of $1.83 billion reflected a decrease of 8 percent year over year.
Revenue by Geographic Location
Forward Guidance
Consolidated sales of $7.78 billion to $8.38 billion, with global components sales of $6.00 billion to $6.40 billion, and global enterprise computing solutions sales of $1.78 billion to $1.98 billion. Net income per share on a diluted basis of $3.25 to $3.45, and non-GAAP net income per share on a diluted basis of $3.40 to $3.60.
Positive Outlook
- Global components sales of $6.00 billion to $6.40 billion
- Global enterprise computing solutions sales of $1.78 billion to $1.98 billion
- Net income per share on a diluted basis of $3.25 to $3.45
- Non-GAAP net income per share on a diluted basis of $3.40 to $3.60
- Changes in foreign currencies expected to increase year-over-year growth in sales by $212 million
Challenges Ahead
- Consolidated sales of $7.78 billion to $8.38 billion
- Average tax rate in the range of 23 to 25 percent
- Average diluted shares outstanding of ~56 million
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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