Arrow Electronics delivered fourth-quarter 2020 sales of $8.45 billion, an increase of 15% from sales of $7.34 billion in the fourth quarter of 2019.
Fourth-quarter 2020 net income was $236 million compared with net income of $112 million in the fourth quarter of 2019.
Global components fourth-quarter sales of $5.92 billion increased 25% year over ye. Asia-Pacific components sales increased 54%. Europe components sales increased 15% year over. Americas components sales fell 1 %.. Global components fourth-quarter operating income was $230 million.
“Arrow’s talented team works hard every day to help customers and suppliers overcome design, engineering, and supply chain challenges – and this commitment was more evident than ever in 2020. Despite the uncertain environment, Arrow drove exceptional financial performance and built on our reputation as a trusted partner for customers and suppliers, with innovative products and solutions,” said Michael J. Long (pictured), chairman, president, and chief executive officer. “It was a remarkable accomplishment to end the year with record fourth-quarter sales, net income, and earnings per share.”
“We have long discussed the potential to pioneer value-added distribution in Asia, and our belief that Arrow is well-positioned to increase the scale of our Asia components business leading to higher profit levels. We also saw a compelling opportunity for global components to accelerate profit growth and expansion as soon as demand from end-customers stabilises and improves,” continued Long. “Our focused execution delivered on both accounts, despite the ongoing COVID-19 pandemic.”
Global enterprise computing solutions fourth-quarter sales of $2.53 billion were down 3 % year over year.