Arrow Electronics Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Arrow Electronics Inc. (ARW) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $83.60 million, or $1.53 per share. This compares with $273.75 million, or $4.60 per share, in last year's first quarter.

Excluding items, Arrow Electronics Inc. reported adjusted earnings of $131.86 million or $2.41 per share for the period.

Analysts on average had expected the company to earn $2.37 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 20.8% to $6.92 billion from $8.74 billion last year.

Arrow Electronics Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $83.60 Mln. vs. $273.75 Mln. last year. -EPS (Q1): $1.53 vs. $4.60 last year. -Revenue (Q1): $6.92 Bln vs. $8.74 Bln last year.

-Guidance: Next quarter EPS guidance: $2.05 - $2.25 Next quarter revenue guidance: $6.20 - $6.80 Bln