Arrow Electronics Q3 2022 Earnings Report
Key Takeaways
Arrow Electronics reported a strong third quarter in 2022, achieving record sales of $9.27 billion, a 9% increase year-over-year. The company's net income was $342 million, or $5.27 per share, while non-GAAP net income reached $354 million, or $5.45 per share.
Third-quarter sales increased by 9 percent year over year.
Third-quarter net income was $342 million, or $5.27 per share on a diluted basis.
Non-GAAP net income was $354 million, or $5.45 per share on a diluted basis.
The company repurchased $259 million of shares in the third quarter of 2022.
Arrow Electronics
Arrow Electronics
Arrow Electronics Revenue by Segment
Forward Guidance
Arrow Electronics anticipates consolidated sales between $8.95 billion and $9.55 billion for Q4 2022. The company projects net income per share (diluted) to be $5.44 to $5.64, and non-GAAP net income per share (diluted) of $5.60 to $5.80.
Positive Outlook
- Global components sales of $6.80 billion to $7.10 billion
- Global enterprise computing solutions sales of $2.15 billion to $2.45 billion
- Average tax rate of approximately 23.5 percent
- Average diluted shares outstanding of 62 million
- Interest expense of approximately $62 million
Challenges Ahead
- Changes in foreign currencies to reduce year over year growth in sales by $420 million
- Changes in foreign currencies to reduce year over year diluted EPS by $0.25
- Changes in foreign currencies to reduce quarter over quarter growth in sales by $100 million
- Changes in foreign currencies to reduce quarter over quarter diluted EPS by $0.07
- USD-to-Euro exchange rate for the fourth quarter of 2022 to be $0.98 to €1 compared to $1.14 to €1 in the fourth quarter of 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income