(Adds Outlook)
Arrow Electronics Inc. (ARW) reported a profit for fourth quarter that decreased from last year but beat the Street estimates.
The company's earnings totaled $195 million, or $3.54 per share. This compares with $349 million, or $5.66 per share, in last year's fourth quarter.
Excluding items, Arrow Electronics Inc. reported adjusted earnings of $219 million or $3.98 per share for the period.
Analysts on average had expected the company to earn $3.72 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 15.8% to $7.85 billion from $9.32 billion last year.
Outlook:
Looking ahead, for the first-quarter, Arrow Electronics has guided earnings below estimates, whereas sales outlook in line with the view.
For the quarter, ARW expects to post adjusted income per share of $2.20 to $2.40. On average, 6 analysts polled by Thomson Reuters project the firm to earn income per share of $2.85 per share. Analysts' estimates typically exclude special items.
Net income per share is projected to be in the range of $1.95 to $2.15. Consolidated sales are seen in the range of $6.70 billion to $7.30 billion, in line with the analysts' estimate of $7.2 billion.
Arrow Electronics Inc. Q4 earnings at a glance (GAAP) :
-Earnings (Q4): $195 Mln. vs. $349 Mln. last year.
-EPS (Q4): $3.54 vs. $5.66 last year.
-Analyst Estimates: $3.72
-Revenue (Q4): $7.85 Bln vs. $9.32 Bln last year.
For comments and feedback: editorial@rttnews.com