Arrow Electronics (NYSE:ARW) today reported second quarter 2022 revenue of $9.46 billion, up 10% from second quarter 2021 revenue of $8.56 billion. Net income for the second quarter of 2021 was $241 million, or $3.23 per diluted share.
Non-GAAP net income1 Non-GAAP net income in the second quarter of 2021 was $249 million, $3.34 per diluted share, compared to $386 million in the second quarter of 2022, on a diluted basis It was $5.78 per share. Foreign exchange movements negatively impacted sales by approximately $291 million and $0.17 per share on a diluted basis in the second quarter of 2022 compared to the second quarter of 2021 gave
“We have continued to deliver record results over the past several quarters. Market conditions are challenging, but they also provide ample opportunity to demonstrate Arrow’s commitment to customer and supplier success,” said the president. Sean Kellins, Chief Executive Officer and Chief Executive Officer, said. “Thanks to the dedication and focused execution of our team, we achieved record quarterly sales, gross margin, operating income and earnings per share in the face of a continuing supply and demand imbalance. did.”
Global Components sales in the second quarter were $7.46 billion, up 13 percent year-over-year, reflecting non-GAAP sales up 16 percent year-over-year. Asia Pacific component sales increased 1% in the second quarter compared to the same period last year. Second quarter sales of components in the Americas increased 26% year-over-year. Europe Components sales increased 21% year-over-year in the second quarter, and non-GAAP sales in the region increased 37% year-over-year. Global Components operating income was $524 million in the second quarter and non-GAAP operating income was $531 million in the second quarter.
“Demand for electronic components and related design, engineering and supply chain services remains strong. Past investments to enhance our capabilities, particularly in the areas of engineering and supply chain capabilities, have led to improved profit performance. This proves that we are uniquely positioned to help our customers navigate today’s challenges,” said Kerins.
Global Enterprise Computing Solutions sales were $2.0 billion in the second quarter, up 2 percent year-over-year, reflecting non-GAAP sales up 8 percent year-over-year. Second quarter sales of Enterprise Computing Solutions in Europe increased 7 percent year-over-year, and non-GAAP sales in the region increased 21 percent year-over-year. Second quarter sales of Enterprise Computing Solutions in the Americas decreased 1 percent year-over-year. Global Enterprise Computing Solutions reported second quarter operating income of $84 million and second quarter non-GAAP operating income of $86 million.
“Global demand for more complex enterprise IT content is healthy, and supply constraints have created headwinds for hardware sales, but we have seen strength in our software and cloud portfolios. continues to find strength in cloud, software and enterprise solutions and is well positioned to move to IT-as-a-Service,” said Kerins.
Vice President and Interim Principal Financial Officer Rick Seidlitz said: “Our strong profitability and effective balance sheet management enabled us to deliver on our commitment to return cash to our shareholders by repurchasing approximately $225 million of shares in the second quarter of 2022. The current repurchase authorization is approximately $288 million.”
Full release and tables available here.
EPSNews is an AspenCore Media publication owned by Arrow Electronics Inc.
https://epsnews.com/2022/08/04/arrow-q2-sales-increase-by-10/ Arrow Q2 sales up 10%