Arrow Electronics has reported surging fourth-quarter 2017 sales of $7.63bn, an increase of 18% from sales of $6.44bn in the fourth quarter of 2016. Fourth-quarter net income of $54 million compared with net income of $165 million in the fourth quarter of 2016.
Europe was once more the start of the show in the Global Components group tabling 35% growth year on year
Excluding certain items, the distributor says that net income would have been $224 million, in the fourth quarter of 2017, compared with net income of $182 million in the fourth quarter of 2016.
In the fourth quarter changes in foreign currencies had positive impacts on growth of approximately $190 million or 3% on sales compared to the fourth quarter of 2016.
Net income was negatively impacted by $125 million related to U.S. tax legislation.
“We are selling complete solutions enabling new entrant, mid-market, and large-scale customers to move quickly from idea to production. This is driving tremendous growth for our suppliers, and for Arrow, as evidenced by our record fourth quarter and full-year sales and operating income,” said Michael J. Long (pictured), chairman, president, and chief executive officer. “By making it easy for our customers and suppliers to capture growth, we have built unparalleled trust in the marketplace.”
|Global components fourth-quarter sales of $4.94bn grew 24% percent year over year. Americas components sales grew 25% year over year. Europe components sales grew 35 percent year over year. Asia-Pacific components sales grew 16% year over year. “Demand conditions remain strong around the world due to growing electronic content in the industrial and transportation end markets, and strong execution by our team,” said Long. Global enterprise computing solutions fourth-quarter sales of $2.69bn grew 10% year over year. Full-year 2017 sales of $26.81bn increased 13% from sales of $23.83bn in 2016. Net income for 2017 was $402m, compared with net income of $523 million in 2016. Excluding certain items, net income would have been $679m in 2017 compared with net income of $610m in 2016. In 2017, changes in foreign currencies had positive impacts on growth of approximately $142m compared to 2016. “The investments we made to scale our business paid dividends in the fourth quarter. Operating income, excluding certain items, grew 21% compared to 18% sales growth, and cash flow from operations was $123m despite continued investment in working capital,” said Chris Stansbury, senior vice president and chief financial officer.|