Arrow Electronics has reported third quarter results, posting a year-on-year fall of 6.6% in net profits to $96.8m (£60.4m), and growth of 2% in revenues to $5.05bn.
The firm blamed a number of exceptional items during the quarter for the slide in its earnings, but overall said that its underlying performance was roughly in line with both expectations and seasonal trends.
CEO Michael Long said the distie was “striking the right balance between maximising our performance in the short term and investing in our long-term strategy”.
“In a global macro environment that remains unsettled, we continue to execute well,” he said.
By segment, components sales of $3.47bn were up 3% worldwide and 4% in Europe. Arrow ECS, meanwhile, turned in sales of $1.58bn, down 1% globally and a more concerning 14% in Europe.
Paul Reilly, Arrow CFO, characterised ECS’ European results as “modestly lower” and said this was due to a “push out of activity in the UK.”
Looking into the final quarter of the year, Arrow said it expected to see normal seasonality, and predicted more solid growth, particularly on the ECS side, where it expects to see sales go to somewhere between $2.4bn and $2.6bn, although note that this would include for the first time the impact of sales made at Computerlinks.