Arrow Electronics, Inc. (NYSE: ARW), Centennial, Colo., a technology solutions provider, reported sales for its fiscal 2024 third quarter were $6.82 billion, down 14.8% from the prior-year period. In the nine months ended Sept. 30, 2024, sales were $20.6 billion, down 18.2% from the prior-year period.
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Net income for the quarter was $101 million, down 49.2% from the prior-year period.
Global components total sales for the quarter were $4.95 billion. Components sales in America decreased by 12% in the quarter, Asia-Pacific components decreased by 15%, and EMEA components decreased by 35% compared to the prior-year period.
Global enterprise computing solutions sales were $1.8 billion, up slightly from the prior-year period.
“While the cyclical correction continues in our global components business, we saw enterprise IT spending gain momentum,” said Sean Kerins, Arrow’s president and CEO.
