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Arrow Electronics Inc. (ARW) filed Quarterly Report for the period ended 2011-10-01.
Arrow Electronics Inc. has a market cap of $3.89 billion; its shares were traded at around $33.87 with a P/E ratio of 6.8 and P/S ratio of 0.2. Arrow Electronics Inc. had an annual average earning growth of 7.6% over the past 10 years.
This is the annual revenues and earnings per share of ARW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ARW.
Highlight of Business Operations:
The company recorded net income attributable to shareholders of $132.2 million and $424.7 million in the third quarter and first nine months of 2011, respectively, compared with net income attributable to shareholders of $118.5 million and $321.7 million in the year-earlier periods. Included in net income attributable to shareholders for the third quarter and first nine months of 2011 were the previously discussed restructuring, integration, and other charges of $6.0 million and $16.8 million, respectively. Also included in net income attributable to shareholders for the first nine months of 2011 was a charge of $3.6 million related to the settlement of a legal matter and a gain on bargain purchase of $1.1 million. Included in net income attributable to shareholders for the third quarter and first nine months of 2010 were the previously discussed restructuring, integration, and other charges of $9.5 million and $19.1 million, respectively. Also included in net income attributable to shareholders for the first nine months of 2010 was the previously discussed loss on prepayment of debt of $1.0 million. Excluding the above-mentioned items, the increase in net income attributable to shareholders for the third quarter and first nine months of 2011 was primarily the result of the sales increases in both the global components business segment and the global ECS business segment and increased gross profit margins. This was offset, in part, by increased selling, general and administrative expenses primarily attributable to acquisitions and the increase in sales, increased interest expense due to higher average debt outstanding primarily to fund acquisitions, and increased depreciation and amortization expense due primarily to increased acquisition activity.The company recorded restructuring, integration, and other charges of $14.3 million ($9.5 million net of related taxes or $.08 per share on both a basic and diluted basis) and $27.4 million ($19.1 million net of related taxes or $.16 per share on both a basic and diluted basis) for the third quarter and first nine months of 2010, respectively. Included in the restructuring, integration, and other charges for the third quarter and first nine months of 2010 are restructuring charges of $8.4 million and $19.4 million, respectively, related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the third quarter and first nine months of 2010 are charges of $.3 million and $1.4 million, respectively, related to restructuring and integration actions taken in prior periods and acquisition-related expenses of $5.6 million and $6.6 million, respectively.
The company recorded restructuring, integration, and other charges of $8.8 million ($6.0 million net of related taxes or $.05 per share on both a basic and diluted basis) and $23.7 million ($16.8 million net of related taxes or $.15 and $.14 per share on a basic and diluted basis, respectively) for the third quarter and first nine months of 2011, respectively. Included in the restructuring, integration, and other charges for the third quarter and first nine months of 2011 are restructuring charges of $6.1 million and $14.7 million, respectively, related to initiatives taken by the company to improve operating efficiencies, primarily related to the integration of recently acquired businesses. Also included in the restructuring, integration, and other charges for first nine months of 2011 is a credit of $1.4 million related to restructuring and integration actions taken in prior periods and acquisition-related expenses of $2.8 million and $10.3 million for the third quarter and first nine months of 2011, respectively.
The company recorded operating income of $209.2 million, or 4.0% of sales, and $676.7 million, or 4.2% of sales, in the third quarter and first nine months of 2011, respectively, as compared with operating income of $184.5 million, or 4.0% of sales, and $519.0 million, or 3.8% of sales, in the year-earlier periods. Included in operating income for the third quarter and first nine months of 2011 were the previously discussed restructuring, integration, and other charges of $8.8 million and $23.7 million, respectively. Also included in operating income for the first nine months of 2011 was the previously discussed charge of $5.9 million related to the settlement of a legal matter. Included in operating income for the third quarter and first nine months of 2010 were the previously discussed restructuring, integration, and other charges of $14.3 million and $27.4 million, respectively.
Consolidated sales for the third quarter and first nine months of 2011 increased by $529.0 million, or 11.4%, and $2.44 billion, or 18.1%, respectively, compared with the year-earlier periods. The increase for the third quarter and first nine months of 2011 was driven by an increase in the global components business segment sales of $211.2 million, or 6.1%, and $1.59 billion, or 16.1%, respectively, and an increase in the global ECS business segment sales of $317.8 million, or 26.0%, and $857.2 million, or 23.3%, respectively, compared with the year-earlier periods. The translation of the company's international financial statements into U.S. dollars resulted in an increase in consolidated sales of $169.0 million and $492.0 million for the third quarter and first nine months of 2011, respectively, compared with the year-earlier periods, due to a weaker U.S. dollar. Excluding the impact of foreign currency and pro forma for acquisitions, the company's consolidated sales decreased by .9% and increased by 3.8% for the third quarter and first nine months of 2011, respectively.
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