Arrow Electronics has reported third-quarter 2022 sales of $9.27 billion, an increase of 9 % year over year.
Third-quarter net income was $342 million compared with net income of $290 million in the third quarter of 2021.
“I am pleased to report that this was our best third quarter ever. This is a product of strong performance by both our global components and global enterprise computing solutions businesses,” said Sean Kerins (pictured), president and chief executive officer. “The dedication and focused execution by our team helped us deliver strong quarterly sales, gross profit, operating income, and earnings per share while facing market conditions that remain challenging.”
Global components third-quarter sales of $7.30 billion reflected an increase of 10 % year over year.
Asia-Pacific components third-quarter sales decreased 3 % year over year. Americas components third-quarter sales increased 21% year over year. Europe components third-quarter sales increased 21 % year over year.
Global components third-quarter operating income was $495 million
“Demand for electronic components and associated design, engineering, and supply chain services remained strong. While supply is improving modestly, it is still insufficient to support the backlog that has built over prior quarters. Customer service and support remains our priority and our teams continue to work tirelessly to support the deliveries needed by our customers,” said Kerins.
Global enterprise computing solutions (“ECS”) third-quarter sales of $1.97 billion reflected an increase of 4 % year over year.
Europe enterprise computing solutions third-quarter sales increased 7 % year over year. Americas enterprise computing solutions third-quarter sales increased 3 % year over year. Global enterprise computing solutions third-quarter operating income was $84 million.
Sean Kerins added, “Global demand for more complex, enterprise IT content was healthy, and while supply constraints persist, we saw some benefit from our historically high backlog. We continue to see strength in cloud and software adoption. We are well positioned for the transition to IT-as-a-Service,” .