Arrow Electronics, Inc. (ARW), Wednesday reported a decline in net income for the first quarter, reflecting restructuring, integration, and other charges. On adjusted basis, however, earnings exceeded analysts' estimates by a penny. The company also provided outlook for the second quarter.
For the three-month period, the firm recorded net income of $77.9 million or $0.72 per share, compared with $113.6 million or $1.00 per share during the corresponding quarter last year.
Excluding certain items, it recorded earnings of $96.0 million or $0.89 per share.
On average, eleven analysts polled by Thomson Reuters expected earnings per share of $0.88 for the quarter. Analysts' estimates typically exclude one-time items.
The firm generated revenues of $4.85 billion, a 1 percent decline from $4.89 billion reported during the comparable period last year. The Street had expected the company to report revenues of $4.82 billion.
Looking forward, for the second quarter, the company expects total sales of between $4.9 billion and $5.3 billion, and earnings in the range of $0.95 to $1.07 per share. Analysts estimate the firm to report earnings of $1.05 per share, and revenues of $5.10 billion for the upcoming quarter. The company's guidance assumes an average tax rate in the range of 27 to 29 percent, average diluted shares outstanding of 107.1 million, and an average Euro to USD exchange rate for the second quarter of 1.30 to 1.
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