Arrow Electronics has reported first-quarter 2021 sales of $8.39 billion, an increase of 31 % from sales of $6.38 billion in the first quarter of 2020.
Sequentially sales fell a smidgeon from Q4 2020’s $8.45bn.
First-quarter net income was $206 million compared with a net income of $50 million in the first quarter of 2020.
Global components first-quarter sales of $6.44 billion reflected an increase of 42 % year over year. Asia-Pacific components sales rocketed 88 % year over year. Americas components first-quarter sales rose 10 % year over year.
European components first-quarter sales grew 20 % year over year. Global components first-quarter operating income was $289 million.
“Strength and stability are the hallmarks of our global components business. Sales were above the high-end of our expectations for the fourth consecutive quarter, and, importantly, we are realising robust operating leverage on our sales growth,” said Michael J Long Arrow’s CEO (pictured). “We see current supply challenges as transitory and expect more balance with demand in the coming quarters.”
Global enterprise computing solutions first-quarter sales of $1.94 billion reflected an increase of 6 % year over year.
Added Long, “First-quarter global enterprise computing solutions sales were in-line with our prior outlook. We are seeing early indications that spending priorities are shifting to more complex projects with transformational business outcomes that are well-suited for our enterprise capabilities.”
Arrow expects consolidated sales of $8.1 billion to $8.7 billion, with global components sales of $6.3 billion to $6.6 billion, and global enterprise computing solutions sales of $1.8 billion to $2.1 billion in Q2.