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Dec 31, 2023
Arrow Electronics Q4 2023 Earnings Report
Arrow Electronics reported fourth-quarter earnings, with EPS and non-GAAP EPS exceeding guidance amidst challenging market conditions.
Key Takeaways
Arrow Electronics reported Q4 sales in line with expectations, with EPS above the high end of guidance. Full-year 2023 results were solid, driven by healthy cash flow from operations.
Fourth-quarter sales were in line with guidance.
Earnings per share and non-GAAP earnings per share were above the high end of guidance.
Full-year 2023 results were solid despite market challenges.
The company repurchased approximately $750 million of shares throughout the year.
Arrow Electronics
Arrow Electronics
Arrow Electronics Revenue by Segment
Revenue by Segment
Global Components Revenue
CapyFin.comGlobal ECS Revenue
CapyFin.com Forward Guidance
Arrow Electronics anticipates consolidated sales between $6.70 billion and $7.30 billion for the first quarter of 2024, with diluted EPS expected to be $1.95 to $2.15 (GAAP) and $2.20 to $2.40 (non-GAAP).
Positive Outlook
- Global components sales are projected to be $5.00 billion to $5.40 billion.
- Global enterprise computing solutions sales are expected to be $1.70 billion to $1.90 billion.
- The average tax rate is estimated to be in the range of 23 to 25 percent.
- Changes in foreign currencies are anticipated to increase sales by approximately $13 million compared to Q1 2023.
- Changes in foreign currencies are expected to increase quarter-over-quarter growth in sales by $31 million compared to Q4 2023.
Challenges Ahead
- Interest expense is projected to be approximately $80 million.
- Global components sales, GAAP is projected to be $5.00 - 5.40
- Global ECS sales, GAAP is projected to be $1.70 - 1.90
- Global components sales, constant currency is projected to be $5.00 - 5.40
- Global ECS sales, constant currency is projected to be $1.70 - 1.90
Revenue & Expenses
Visualization of income flow from segment revenue to net income