{"id":728316,"date":"2023-02-02T12:45:09","date_gmt":"2023-02-02T17:45:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/correcting-and-replacing-arrow-electronics-reports-fourth-quarter-and-full-year-2022-results\/"},"modified":"2023-02-02T12:45:09","modified_gmt":"2023-02-02T17:45:09","slug":"correcting-and-replacing-arrow-electronics-reports-fourth-quarter-and-full-year-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/correcting-and-replacing-arrow-electronics-reports-fourth-quarter-and-full-year-2022-results\/","title":{"rendered":"CORRECTING and REPLACING Arrow Electronics Reports Fourth-Quarter and Full-Year 2022 Results"},"content":{"rendered":"

<\/p>\n

CORRECTING and REPLACING <\/span><\/b>Arrow Electronics Reports Fourth-Quarter and Full-Year 2022 Results<\/span><\/b><\/p>\n

— Fourth-Quarter Earnings Per Share of $5.66; Non-GAAP Earnings Per Share of $5.69 —
\n
<\/b>— Announces Additional $1 Billion Share Repurchase Authorization —<\/b><\/p>\n

CENTENNIAL, Colo.–(BUSINESS WIRE<\/a>)–
\nIn the FIRST-QUARTER 2023 OUTLOOK section, the final bullet has been updated. Also, in the First-Quarter 2023 GAAP to non-GAAP Outlook Reconciliation table, in the Global components sales, constant currency line, the second % change column has been updated.\n<\/p>\n

\nThe updated release reads:\n<\/p>\n

ARROW ELECTRONICS REPORTS FOURTH-QUARTER AND FULL-YEAR 2022 RESULTS<\/span><\/b><\/p>\n

— Fourth-Quarter Earnings Per Share of $5.66; Non-GAAP Earnings Per Share of $5.69 —
\n
<\/b>— Announces Additional $1 Billion Share Repurchase Authorization —<\/b><\/p>\n

\nArrow Electronics, Inc. (NYSE:ARW) today reported fourth-quarter 2022 sales of $9.32 billion, an increase of 3 percent year over year, and an increase of 8 percent year over year on a constant currency basis1<\/sup>.Fourth-quarter 2022 net income was $349 million, or $5.66 per share on a diluted basis, compared with net income of $371 million, or $5.26 per share on a diluted basis, in the fourth quarter of 2021. Non-GAAP net income1<\/sup> was $351 million, or $5.69 per share on a diluted basis, in the fourth quarter of 2022, compared with non-GAAP net income of $379 million, or $5.37 per share on a diluted basis, in the fourth quarter of 2021. In the fourth quarter of 2022, changes in foreign currencies had negative impacts on growth of approximately $357 million on sales and $0.19 on earnings per share on a diluted basis compared to the fourth quarter of 2021.\n<\/p>\n

\n\u201cI am pleased to report that this was another great quarter. Both our global components and global enterprise computing solutions businesses performed well in market conditions that remain challenging,\u201d said Sean Kerins, Arrow’s president and chief executive officer. \u201cOur dedicated team helped us deliver strong quarterly sales, gross profit, operating income, and earnings per share.\u201d\n<\/p>\n

\nGlobal components fourth-quarter sales of $6.83 billion reflected an increase of 2 percent year over year, and an increase of 6 percent year over year on a constant currency basis. Americas components fourth-quarter sales increased 9 percent year over year. Europe components fourth-quarter sales increased 23 percent year over year, and increased 38 percent year over year on a constant currency basis. Asia-Pacific components fourth-quarter sales decreased 14 percent year over year. Global components fourth-quarter operating income was $443 million and fourth-quarter non-GAAP operating income was $449 million.\n<\/p>\n

\n\u201cDemand for electronic components and associated design, engineering and supply chain services generally remained healthy in the Americas and Europe regions, but we experienced softer demand in Asia, particularly in China. We are proud to service a variety of industries and provide products from a diverse group of suppliers to a diverse group of customers around the world,\u201d said Mr. Kerins.\n<\/p>\n

\nGlobal enterprise computing solutions (\u201cECS\u201d) fourth-quarter sales of $2.50 billion reflected an increase of 7 percent year over year, and an increase of 12 percent year over year on a constant currency basis. Europe enterprise computing solutions fourth-quarter sales increased 11 percent year over year, and increased 24 percent year over year on a constant currency basis. Americas enterprise computing fourth-quarter sales increased 4 percent year over year. Global enterprise computing solutions fourth-quarter operating income was $155 million. Fourth-quarter non-GAAP operating income was $156 million.\n<\/p>\n

\n\u201cHardware supply constraints are easing, and demand remained strong for most of our key technology categories. We continue to see strength in cloud, IT-as-a-Service and enterprise software adoption, and we were pleased with the results of the business,\u201d said Mr. Kerins.\n<\/p>\n

\n\u201cEnhancing shareholder value remains a top priority,” said Raj Agrawal, senior vice president and chief financial officer. \u201cOur strong financial returns and the effective management of our balance sheet have enabled us to deliver on our commitment to return cash to shareholders by repurchasing $300 million of shares during the fourth quarter. We are also pleased to announce that our Board of Directors has approved an additional $1 billion to our repurchase authorization2<\/sup>. Returning cash to shareholders through our stock repurchase plan remains one of our priorities, and this new authorization reflects that commitment.”\n<\/p>\n

FULL-YEAR RESULTS<\/span><\/p>\n

\nFull-year 2022 sales of $37.12 billion increased 8 percent year over year, and increased 11 percent year over year on a constant currency basis. Net income for 2022 was $1.43 billion, or $21.80 per share on a diluted basis, compared with net income of $1.11 billion, or $15.10 per share on a diluted basis, for 2021. Non-GAAP net incomewas $1.47 billion, or $22.38 per share on a diluted basis, in 2022 compared with non-GAAP net income of $1.14 billion, or $15.50 per share on a diluted basis, for 2021. In 2022, changes in foreign currencies had negative impacts on growth of approximately $1.18 billion on sales, and $0.53 on earnings per share on a diluted basis compared to 2021.\n<\/p>\n

\n\u201cIn 2022, we delivered the best financial results in the history of the company. Throughout the year, we continued to make investments to support our customer needs, and we continued to grow and generate strong shareholder returns in the process,\u201d said Mr. Kerins. \u201cWe continue to have confidence in the business and Arrow\u2019s long-term growth potential.\u201d\n<\/p>\n

1<\/sup><\/i> A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.
\n
<\/i>2<\/sup><\/i> See additional information related to the company’s share repurchase program located at page 3 of this press release.<\/i><\/p>\n

FIRST-QUARTER 2023 OUTLOOK<\/span><\/p>\n