Arrow Electronics, Inc. (ARW) reported third quarter net income attributable to shareholders of $12.58 million or $0.10 per share, compared to $76.07 million or $0.63 per share last year.
Adjusted net income attributable to shareholders was $44.8 million or $0.37 per share, compared to $83.7 million or $0.70 per share in the same quarter last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share. Analysts' estimates typically exclude special items.
Sales declined to $3.67 billion from $4.3 billion in the prior-year quarter. Nine analysts estimated revenues of $3.45 billion.
Looking ahead, the company believes that total fourth-quarter sales will be between $3.65 and $4.25 billion, with global component sales between $2.25 and $2.65 billion and global enterprise computing solutions sales between $1.4 and $1.6 billion. Earnings per share, excluding any charges, are expected to be in the range of $.44 to $.56.
Analysts expect the company to earn $0.51 per share, on revenues of $3.76 billion.
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