Distributor Arrow Electronics said its third quarter sales increased 11 percent to $5.61 billion compared to $5.05 billion in the third quarter of 2013.
Michael Long, Arrow’s chairman, president and chief executive officer, said the distributor’s component and enterprising computing solutions businesses posted sales growth.
“In the third quarter we again produced outstanding results and invested in our long-term strategic sales-related initiatives,” said Long. He said earnings per share of $1.40 “were above our expectations” while sales of $5.6 billion were “at the high end of our guidance.”
Third quarter global components sales increased 8 percent to $3.73 billion year-over year. Components revenue in the Americas increased 2 percent year-over-year, while components sales in Europe grew 8 percent. Components sales in the Asia-Pacific region increased 18 percent year-over-year.
Global enterprise computing solutions sales increased 19 percent to $1.88 billion in the third quarter with growth in the Americas and Europe, the distributor said. Both regions posted strong growth in software and services, while storage and networking also delivered growth, according to the distributor.
Arrow also reported that sales in the first nine months of the year increased 8 percent to $16.4 billion compared to $15.2 billion in the first nine months of 2013.
Paul J. Reilly, executive vice president, finance and operations, and CFO, said Arrow expects “normal seasonality for our global components and enterprise computing solutions businesses” in the fourth quarter. He added that fourth quarter “order patterns are unchanged and the supply chain remains well managed.”
As a result, he said total sales in the fourth quarter should be between $6.1 billion and $6.5 billion. Global components revenue will be between $3.4 billion and $3.6 billion, while global enterprise computing solutions sales will be between $2.7 billion and $2.9 billion.