CENTENNIAL, Colo. (AP) — CENTENNIAL, Colo. (AP) — Arrow Electronics Inc. (ARW) on Thursday reported first-quarter net income of $79.7 million.
On a per-share basis, the Centennial, Colorado-based company said it had net income of $1.51. Earnings, adjusted for one-time gains and costs, were $1.80 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.
The electronics maker posted revenue of $6.81 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $6.31 billion.
For the current quarter ending in June, Arrow Electronics expects its per-share earnings to range from $1.90 to $2.10.
The company said it expects revenue in the range of $6.7 billion to $7.3 billion for the fiscal second quarter.
Arrow Electronics shares have declined almost 2% since the beginning of the year. The stock has dropped 13% 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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