CENTENNIAL, Colo. (AP) — CENTENNIAL, Colo. (AP) — Arrow Electronics Inc. (ARW) on Thursday reported first-quarter profit of $83.6 million.
The Centennial, Colorado-based company said it had net income of $1.53 per share. Earnings, adjusted for restructuring costs and non-recurring costs, were $2.41 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.31 per share.
The electronics maker posted revenue of $6.92 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $7 billion.
For the current quarter ending in June, Arrow Electronics expects its per-share earnings to range from $2.05 to $2.25.
The company said it expects revenue in the range of $6.2 billion to $6.8 billion for the fiscal second quarter.
Arrow Electronics shares have climbed 2% since the beginning of the year. The stock has risen slightly more than 8% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARW at https://www.zacks.com/ap/ARW
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