Arrow Electronics Down 8% on Lower Than Expected Earnings and Guidance
Arrow Electronics (NYSE: ARW) is trading lower on the session followings its Q1 earnings announcement. The company reported an EPS of $1.05 vs $1.08 estimate and revenues of $4.89 billion vs $4.91 billion estimates. Arrow Electronics also guided Q3 EPS $1.08-1.20 vs $1.23 estimates.
Michael J. Long, chairman, president, and chief executive officer said: “We executed well in the first quarter with sales and earnings per share in line with our expectations. Cash flow generation was a bright spot in the first quarter, as we generated $250 million in cash flow from operations, with contributions from both business segments."
Arrow Electronics is currently trading at $38.62, a loss of $3.43 or 8.16%.
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