ARROW REALIZES RECORD 2nd-QUARTER INCOME OF $84M
Arrow Electronics Inc. reports record net income of $84 million, or 87 cents per share on sales of $3.2 billion in the second quarter. This compares favorably with net income of $31.5 million, or 33 cents per share, excluding the special charge of $24.6 million associated with the company’s acquisition and integration of the electronics distribution group of Bell Industries and Richey Electronics, on sales of $2.3 billion in the second quarter of 1999. Net income for the second quarter of 1999, after the special charge, was $15 million or 16 cents per share. “We delivered yet another quarter of record sales and earnings,” says Francis M. Scricco, president and CEO of Arrow, “generating operating income of 5.8 percent of sales versus 3.8 percent last year. This exceptionally strong sales growth has provided us with the opportunity to really leverage our operating structure, driving worldwide component operating margins to near 9 percent.”
Arrow’s net income for the first six months of the fiscal year exceeded the company’s total net income for all of fiscal 1999. Through June 2000, net income was up 146 percent to $147 million vs. $59.8 million for the first half of 1999. Arrow Electronics is a worldwide distributor of electronic components and computer products, with 1999 sales of $9.3 billion.
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