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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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