Arrow Electronics Q2 Net Profit Down

(RTTNews) - Arrow Electronics, Inc. (ARW) posted lower second-quarter 2013 net income of $89.9 million, or $0.86 per share, compared with $114.4 million, or $1.02 per share, in the earlier year quarter. Excluding certain items in both the periods, non-GAAP net income would have been $116.9 million, or $1.12 per share in the quarter, the company said. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.03 for the quarter. Analysts' estimates typically exclude one-time items.

The results for the second quarter of 2013 and 2012 include intangible amortization expense of approximately $9 million, or $7 million net of tax, or $0.07 per share, according to the company.

Reported sales of $5.31 billion in the quarter rose 3 percent from $5.15 billion reported a year back. Analysts estimated revenues of $5.13 billion for the quarter.