Arrow Electronics has reported third-quarter 2020 sales of $7.23 billion, an increase of 2 percent from sales of $7.08 billion in the third quarter of 2019.
Third-quarter net income was $166 million compared with a net income of $92 million in the third quarter of 2019
Global components third-quarter sales of $5.31 billion increased 5 percent year over year. Asia-Pacific components sales rocketed 29 percent year over year.
Americas components sales fell 13 percent year over year to $1.51 billion.
Europe components sales slipped 8 percent year over year to 1.19 billion.
Global components third-quarter operating income was $204 million.
“Robust third-quarter global components sales demonstrate the vital role we play in the supply chains of manufacturing customers around the world,” said Michael J Long (pictured), Chairman, President and Chief Executive Officer of Arrow. “Sales were above the high-end of our expectations driven by tremendous growth in Asia, where our business has doubled in size over the last five years due to our consistent investments in the region to support innovation and invention.”
Global enterprise computing solutions third-quarter sales of $1.92 billion decreased 5 percent year over year. Europe enterprise computing solutions sales increased 6 percent year over year.
“Our strong financial performance this quarter is a testament to the strength of our business model,” commented Long. “Arrow is a trusted provider of critical technology solutions, and we believe strong demand for the products and solutions we provide will endure and increase beyond the COVID-19 pandemic. Customers and suppliers are choosing to do more business with Arrow because of our growing engineering, design, supply chain management and hybrid cloud solution capabilities. The hard work of our talented team and their unwavering focus on providing customers with the products and solutions they need, when they need them, has allowed us to capitalise on opportunities leading to financial performance that was above our expectations.”
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