Arrow Electronics, Inc. (NYSE: ARW), Centennial, Colo., a technology solutions provider, reported sales for its fiscal 2023 first quarter were $8.74 billion, down 4% from the prior-year period.
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Net income for the quarter was $274 million, down 24.9% from the prior-year period.
Global components total sales for the quarter were $6.86 million. Components sales in America decreased by 5% in the quarter, Asia-Pacific components decreased by 19%, and Europe components increased by 17% compared to the prior-year period.
“The company delivered solid first-quarter results with revenue and earnings per share beating the midpoint of our guidance,” said Sean Kerins, Arrow’s President and CEO. “Our dedicated team performed well in a challenging environment for both our suppliers and customers.”
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