Arrow Electronics ARW reported third-quarter 2024 adjusted earnings of $2.38 per share, which beat the Zacks Consensus Estimate by 6.73%. Nonetheless, the underside line declined 42.5% 12 months over 12 months because of decrease revenues, cyclical headwinds and unfavorable overseas foreign money trade charges.
Within the third quarter, ARW reported revenues of $6.82 billion, down 14.78% from the year-ago quarter’s stage. Nonetheless, the highest line beat the Zacks Consensus Estimate by 1.21%.
Discover the most recent EPS estimates and surprises on Zacks Earnings Calendar.
Arrow Electronics, Inc. Value, Consensus and EPS Shock
Arrow Electronics, Inc. price-consensus-eps-surprise-chart | Arrow Electronics, Inc. Quote
Third-Quarter Particulars
Within the third quarter of 2024, International Element gross sales decreased 20.8% 12 months over 12 months to $4.9 billion, primarily because of the extended semiconductor stock correction. Area-wise, the phase’s revenues from EMEA declined 35.1%, in addition to gross sales from the Americas and Asia-Pacific areas plunged 12.3% and 15.49%, respectively.
International Enterprise Computing Options (ECS) revenues have been $1.87 billion, which elevated 6.5% 12 months over 12 months. Area-wise, the phase’s revenues from America and EMEA elevated 1.6% and 13.17%, respectively.
The non-GAAP working earnings from International Elements and International ECS was $189 million and $76 million, respectively.
Arrow Electronics’ non-GAAP working earnings plunged 43.3% to $215 million within the third quarter of 2024 from the year-ago quarter. The non-GAAP working margin shrunk 150 foundation factors to three.2%.
Stability Sheet and Money Movement
Arrow Electronics exited the third quarter with money and money equivalents of $248 million in contrast with the earlier quarter’s $213 million.
The long-term debt was $2.36 billion, down from $2.48 billion on the finish of the earlier quarter.
The New York-based digital element distributor generated $80.55 million in money from working actions within the reported quarter.
Within the third quarter of 2024, ARW returned $50 million to its shareholders by way of share repurchases. It has roughly $375 million remaining below its present share repurchase authorization.
Fourth-Quarter 2024 Steerage
For the fourth quarter of 2024, gross sales are estimated between $6.67 billion and $7.27 billion.
International Elements gross sales are projected within the band of $4.5 billion and $4.9 billion.
International ECS gross sales are anticipated to be between $2.17 billion and $2.37 billion.
Curiosity bills are anticipated to be between $60 million and $65 million. Because of this, the corporate tasks non-GAAP earnings per share within the band of $2.48-$2.68.
ARW expects modifications in foreign exchange to be immaterial for the fourth-quarter gross sales and earnings.
Zacks Rank & Shares to Contemplate
Presently, Arrow Electronics carries a Zacks Rank #3 (Maintain).
Monday.com MNDY, Palo Alto Networks PANW and BlackLine BL are some better-ranked shares that traders can take into account within the broader sector. MNDY and BL every sport a Zacks Rank #1 (Sturdy Purchase), whereas PANW carries a Zacks Rank #2 (Purchase) at current. You possibly can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of MNDY have gained 56.4% 12 months so far. The corporate is ready to report third-quarter 2024 outcomes on Nov. 11.
Shares of PANW have climbed 22.2% 12 months so far. It’s slated to report first-quarter fiscal 2025 outcomes on Nov. 20.
Shares of BL have misplaced 11.3% 12 months so far. The corporate is ready to report third-quarter 2024 outcomes on Nov. 7.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
