Arrow Electronics second quarter sales increased 7 percent to $5.68 billion compared to $5.31 billion in the same quarter a year ago, the distributor reported.
Arrow also reported $127.9 million of net income in the second quarter, or $1.27 per share on a diluted basis. In the second quarter of 2013, the distributor had net income of $89.9 million, or $.86 per share on a diluted basis.
“We delivered strong results in the second quarter as we continued to accomplish our strategic objectives,” said Michael Long, Arrow chairman , president and CEO.
He noted that Arrow’s components and software and services portions of its business each posted growth.
Arrow’s global components business in the second quarter grew 5 percent year over year as sales reached $3.57 billion. Components sales in the Americas increased 2 percent year over year, while European components sales grew 9 percent year over year. Components sales in the Asia-Pacific region increased 5 percent year over year.
Global enterprise computing solutions second-quarter sales of $2.11 billion grew 10 percent year over year. The Americas and Europe continued to experience growth in infrastructure, security and virtualization software product lines, the distributor said.
In the first six months of 2014, Arrow’s sales increased 6 percent to $10.76 billion compared to $10.16 billion in the first six months of 2013, the company said.
Paul J. Reilly, executive vice president, finance and operations, and chief financial officer for Arrow said market conditions for components and enterprise computing solutions would “remain consistent with the second quarter.” He added Arrow’s total sales in the third quarter should be between $5.25 billion and $5.65 billion. Global enterprise computing solutions sales should be between $1.7 billion and $1.9 billion.