Arrow Electronics Reports Fourth-Quarter and Year-End 2018 Results

— Record Fourth-Quarter and Full-Year Sales, Gross Profit and
Operating Income —

— Full-Year 2018 Sales Advanced $3 Billion Over Full-Year 2017 —

CENTENNIAL, Colo.–(BUSINESS WIRE)–Arrow Electronics, Inc. (NYSE:ARW) today reported fourth-quarter 2018
sales of $7.92 billion, an increase of 5 percent from sales of $7.54
billion in the fourth quarter of 2017. Fourth-quarter net income of $231
million, or $2.63 per share on a diluted basis, compared with net income
of $54 million, or $.60 per share on a diluted basis, in the fourth
quarter of 2017. Excluding certain items1, net income would
have been $225 million, or $2.57 per share on a diluted basis, in the
fourth quarter of 2018, compared with net income of $222 million, or
$2.49 per share on a diluted basis, in the fourth quarter of 2017. In
the fourth quarter of 2018, changes in foreign currencies had negative
impacts on growth of approximately $107 million or 2 percent on sales
and $.06 or 3 percent on earnings per share on a diluted basis compared
to the fourth quarter of 2017.

“We are helping customers create, make, and manage their electronic
products at unmatched scale. This is driving tremendous growth for our
suppliers, and for Arrow, as evidenced by our second consecutive year of
growing sales by more than $3 billion,” said Michael J. Long, chairman,
president, and chief executive officer. “We are proud to be enabling
next-generation technologies and products that are making our world
better.”

Global components fourth-quarter sales of $5.26 billion increased 6
percent year over year. Americas components sales increased 5 percent
year over year. Europe components sales increased 9 percent year over
year. Sales in the region, as adjusted, increased 13 percent year over
year. Asia-Pacific components sales increased 7 percent year over year.
“We are well-aligned to the long-term trends of growing electronic
content in key end markets such as transportation, industrial, and
aerospace and defense,” said Mr. Long.

Global enterprise computing solutions fourth-quarter sales of $2.66
billion increased 2 percent year over year. Global enterprise computing
solutions sales, as adjusted, increased 6 percent year over year.
Americas sales increased 4 percent year over year. Sales in the region,
as adjusted, increased 9 percent year over year. Europe sales decreased
1 percent year over year. Sales in the region, as adjusted, were flat
year over year. “We have positioned the company to lead the edge
computing paradigm with our leading software, hardware, and security
capabilities,” added Mr. Long.

FULL-YEAR RESULTS

Full-year 2018 sales of $29.68 billion increased 12 percent from sales
of $26.55 billion in 2017. Net income for 2018 was $716 million, or
$8.10 per share on a diluted basis, compared with net income of $402
million, or $4.48 per share on a diluted basis, in 2017. Excluding
certain items1, net income would have been $781 million, or
$8.83 per share on a diluted basis, in 2018 compared with net income of
$674 million, or $7.51 per share on a diluted basis, in 2017. In 2018,
changes in foreign currencies had positive impacts on growth of
approximately $252 million, or 1 percent on sales, and $.06, or 1
percent, on earnings per share on a diluted basis compared to 2017.

“We executed well in 2018, and continue to see good returns on our
organic investments. Operating income, excluding certain items1,
increased 16 percent compared to a 12 percent increase in sales.
Fourth-quarter cash flow from operations was $263 million as our
business model generates substantial cash in lower growth environments,”
said Chris Stansbury, senior vice president and chief financial officer.
“In the fourth quarter, we reduced leverage, and we returned
approximately $150 million to shareholders through our stock repurchase
program. With the recent authorization of an additional $600 million of
repurchases, we had approximately $729 million of remaining
authorization under our share repurchase programs at the end of the
year.”

1 A reconciliation of non-GAAP adjusted financial
measures, including sales, as adjusted, operating income, as adjusted,
net income attributable to shareholders, as adjusted, and net income per
share, as adjusted, to GAAP financial measures is presented in the
reconciliation tables included herein.

GUIDANCE

“As we look to the first quarter, we believe that total sales will be
between $6.775 billion and $7.175 billion, with global components sales
between $4.975 billion and $5.175 billion, and global enterprise
computing solutions sales between $1.8 billion and $2.0 billion. As a
result of this outlook, we expect earnings per share on a diluted basis,
to be in the range of $1.61 to $1.73, and earnings per share on a
diluted basis, excluding certain items1, to be in the range
of $1.84 to $1.96 per share. Our guidance assumes an average tax rate at
the high end of the long-term range of 23.5 to 25.5 percent, and average
diluted shares outstanding of 87 million. We are expecting interest
expense will total approximately $58 million. We are expecting the
average USD-to-Euro exchange rate for the first quarter to be
approximately $1.14 to €1. We estimate changes in foreign currencies
will have a negative impact on growth of approximately $160 million, or
2 percent on sales, and $.08, or 4 percent, on earnings per share on a
diluted basis compared to the first quarter of 2018,” said Mr. Stansbury.

Please refer to the CFO commentary, which can be found at investor.arrow.com,
as a supplement to the company’s earnings release.

Arrow Electronics guides innovation forward for over 200,000 leading
technology manufacturers and service providers. With 2018 sales of $30
billion, Arrow develops technology solutions that improve business and
daily life. Learn more at fiveyearsout.com.

Information Relating to Forward-Looking
Statements

This press release includes forward-looking statements that are subject
to numerous assumptions, risks, and uncertainties, which could cause
actual results or facts to differ materially from such statements for a
variety of reasons, including, but not limited to: industry conditions,
the company’s implementation of its new enterprise resource planning
system, changes in product supply, pricing and customer demand,
competition, other vagaries in the global components and global
enterprise computing solutions markets, changes in relationships with
key suppliers, increased profit margin pressure, the effects of
additional actions taken to become more efficient or lower costs, risks
related to the integration of acquired businesses, changes in legal and
regulatory matters, and the company’s ability to generate additional
cash flow. Forward-looking statements are those statements which are not
statements of historical fact. These forward-looking statements can be
identified by forward-looking words such as “expects,” “anticipates,”
“intends,” “plans,” “may,” “will,” “believes,” “seeks,” “estimates,” and
similar expressions. Shareholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date on which they are made. The company undertakes no
obligation to update publicly or revise any of the forward-looking
statements.

For a further discussion of factors to consider in connection with these
forward-looking statements, investors should refer to Item 1A Risk
Factors of the company’s Annual Report on Form 10-K for the year ended
December 31, 2018.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in
accordance with accounting principles generally accepted in the United
States (“GAAP”), the company also provides certain non-GAAP financial
information relating to sales, operating income, net income attributable
to shareholders, and net income per basic and diluted share. The company
provides sales on a non-GAAP basis adjusted for the impact of changes in
foreign currencies and the impact of acquisitions/dispositions by
adjusting the company’s operating results, including the amortization
expense related to acquired/disposed intangible assets, as if the
acquisitions/dispositions had occurred at the beginning of the earliest
period presented (referred to as “impact of acquisitions” and “impact of
dispositions”). Operating income, net income attributable to
shareholders, and net income per basic and diluted share are adjusted to
exclude identifiable intangible amortization, restructuring,
integration, and other charges, and certain charges, credits, gains, and
losses that the company believes impact the comparability of its results
of operations. These charges, credits, gains, and losses arise out of
the company’s efficiency enhancement initiatives,
acquisitions/dispositions (including intangible assets amortization
expense), the impact of tax reform, and financing activities. A
reconciliation of the company’s non-GAAP financial information to GAAP
is set forth in the tables below.

The company believes that such non-GAAP financial information is useful
to investors to assist in assessing and understanding the company’s
operating performance and underlying trends in the company’s business
because management considers these items referred to above to be outside
the company’s core operating results. This non-GAAP financial
information is among the primary indicators management uses as a basis
for evaluating the company’s financial and operating performance. In
addition, the company’s Board of Directors may use this non-GAAP
financial information in evaluating management performance and setting
management compensation.

The presentation of this additional non-GAAP financial information is
not meant to be considered in isolation or as a substitute for, or
alternative to, sales, operating income, net income and net income per
basic and diluted share determined in accordance with GAAP. Analysis of
results and outlook on a non-GAAP basis should be used as a complement
to, and in conjunction with, data presented in accordance with GAAP.

 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
 
       
Quarter Ended Year Ended
December 31, 2018     December 31, 2017 December 31, 2018     December 31, 2017
(Unaudited) (Unaudited / Adjusted) (Adjusted)
Sales $ 7,918,182 $ 7,539,449 $ 29,676,768 $ 26,554,563
Cost of sales 6,942,812   6,610,269   25,975,856   23,197,595  
Gross profit 975,370 929,180 3,700,912 3,356,968
Operating expenses:
Selling, general, and administrative expenses 583,943 562,082 2,303,051 2,162,045
Depreciation and amortization 47,183 40,503 186,384 153,599
Loss on disposition of businesses, net 21,000 3,604 21,000
Restructuring, integration, and other charges 9,864   18,771   60,361   74,588  
640,990   642,356   2,553,400   2,411,232  
Operating income 334,380 286,824 1,147,512 945,736
Equity in earnings (losses) of affiliated companies (1,524 ) 559 (2,332 ) 3,424
Gain (loss) on investments, net (10,221 ) 2,207 (14,166 ) (6,577 )
Loss on extinguishment of debt 59,545
Employee benefit plan expense 3,086 18,322 6,870 23,869
Interest and other financing expense, net 54,584   44,354   214,771   165,252  
Income before income taxes 264,965 226,914 909,373 693,917
Provision for income taxes 32,474   171,413   187,799   286,541  
Consolidated net income 232,491 55,501 721,574 407,376
Noncontrolling interests 1,838   1,848   5,379   5,200  
Net income attributable to shareholders $ 230,653   $ 53,653   $ 716,195   $ 402,176  
 
Net income per share:
Basic $ 2.66   $ 0.61   $ 8.19   $ 4.54  
Diluted $ 2.63   $ 0.60   $ 8.10   $ 4.48  
 
Weighted average shares outstanding:
Basic 86,559 88,120 87,476 88,681
Diluted 87,561 89,278 88,444 89,766
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
       
December 31, 2018 December 31, 2017
(Adjusted)
ASSETS
Current assets:
Cash and cash equivalents $ 509,327 $ 730,083
Accounts receivable, net 8,945,463 8,125,588
Inventories 3,878,678 3,302,518
Other current assets 274,832   256,028  
Total current assets 13,608,300   12,414,217  
Property, plant, and equipment, at cost:
Land 7,882 12,866
Buildings and improvements 158,712 160,664
Machinery and equipment 1,425,933   1,330,730  
1,592,527 1,504,260
Less: Accumulated depreciation and amortization (767,827 ) (665,785 )
Property, plant, and equipment, net 824,700   838,475  
Investments in affiliated companies 83,693 88,347
Intangible assets, net 372,644 286,215
Goodwill 2,624,690 2,470,047
Other assets 270,418   361,966  
Total assets $ 17,784,445   $ 16,459,267  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 7,631,879 $ 6,756,830
Accrued expenses 912,292 841,675
Short-term borrowings, including current portion of long-term debt 246,257   356,806  
Total current liabilities 8,790,428   7,955,311  
Long-term debt 3,239,115 2,933,045
Other liabilities 378,536 572,971
Equity:
Shareholders’ equity:
Common stock, par value $1:
Authorized – 160,000 shares in both 2018 and 2017
Issued – 125,424 shares in both 2018 and 2017 125,424 125,424
Capital in excess of par value 1,135,934 1,114,167
Treasury stock (40,233 and 37,733 shares in 2018 and 2017,
respectively), at cost
(1,972,254 ) (1,762,239 )
Retained earnings 6,335,335 5,596,786
Accumulated other comprehensive loss (299,449 ) (124,883 )
Total shareholders’ equity 5,324,990 4,949,255
Noncontrolling interests 51,376   48,685  
Total equity 5,376,366   4,997,940  
Total liabilities and equity $ 17,784,445   $ 16,459,267  
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
   
Quarter Ended
December 31, 2018     December 31, 2017
Cash flows from operating activities:
Consolidated net income $ 232,491 $ 55,501
Adjustments to reconcile consolidated net income to net cash
provided by operations:
Depreciation and amortization 47,183 40,503
Amortization of stock-based compensation 8,134 8,821
Equity in (earnings) losses of affiliated companies 1,524 (559 )
Deferred income taxes (16,533 ) 25,150
(Gain) loss on investment, net 10,221 (1,484 )
Loss on disposition of businesses, net 21,000
Other 3,142 3,051
Change in assets and liabilities, net of effects of acquired and
disposed businesses:
Accounts receivable (752,891 ) (1,052,808 )
Inventories (162,825 ) (118,709 )
Accounts payable 764,726 930,406
Accrued expenses 96,946 37,254
Other assets and liabilities 31,016   174,652  
Net cash provided by operating activities 263,134   122,778  
 
Cash flows from investing activities:
Acquisition of property, plant, and equipment (30,439 ) (54,352 )
Proceeds from sale of property, plant, and equipment 5,421
Cash paid for customer relationship intangible asset (20,000 )
Other (2,500 ) (3,147 )
Net cash used for investing activities (47,518 ) (57,499 )
 
Cash flows from financing activities:
Change in short-term and other borrowings 88,034 (26,893 )
Proceeds from (repayment of) long-term bank borrowings, net (114,120 ) 130,526
Proceeds from exercise of stock options 900 772
Repurchases of common stock (150,132 ) (25,114 )
Other   (3,942 )
Net cash provided by (used for) financing activities (175,318 ) 75,349  
Effect of exchange rate changes on cash (5,162 ) 5,116  
Net increase in cash and cash equivalents 35,136 145,744
Cash and cash equivalents at beginning of period 474,191   584,339  
Cash and cash equivalents at end of period $ 509,327   $ 730,083  
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
    Year Ended
December 31, 2018     December 31, 2017
Cash flows from operating activities:
Consolidated net income $ 721,574 $ 407,376
Adjustments to reconcile consolidated net income to net cash
provided by operations:
Depreciation and amortization 186,384 153,599
Amortization of stock-based compensation 46,238 39,122
Equity in (earnings) losses of affiliated companies 2,332 (3,424 )
Loss on extinguishment of debt 59,545
Deferred income taxes 1,236 38,412
(Gain) loss on investment, net 14,166 8,020
Loss on disposition of businesses, net 3,604 21,000
Impairment of property, plant and equipment 4,761
Other 9,198 5,705
Change in assets and liabilities, net of effects of acquired and
disposed businesses:
Accounts receivable (1,007,308 ) (1,079,094 )
Inventories (618,875 ) (379,835 )
Accounts payable 936,423 816,602
Accrued expenses 112,123 (5,013 )
Other assets and liabilities (134,405 ) 37,781  
Net cash provided by operating activities 272,690   124,557  
 
Cash flows from investing activities:
Cash consideration paid for acquired businesses, net of cash acquired (331,563 ) (3,628 )
Proceeds from disposition of businesses 32,013
Acquisition of property, plant, and equipment (135,336 ) (203,949 )
Proceeds from sale of property, plant and equipment 5,421 24,433
Cash paid for customer relationship intangible asset (20,000 )
Other (13,500 ) (5,614 )
Net cash used for investing activities (462,965 ) (188,758 )
 
Cash flows from financing activities:
Change in short-term and other borrowings 192,192 (41,316 )
Proceeds from long-term bank borrowings, net 306,635 47,760
Proceeds from note offering, net 986,203
Redemption of notes (300,000 ) (558,887 )
Proceeds from exercise of stock options 8,819 22,195
Repurchases of common stock (243,305 ) (174,239 )
Purchase of shares from noncontrolling interest (23,350 )
Other (1,174 ) (1,620 )
Net cash provided by (used for) financing activities (36,833 ) 256,746  
Effect of exchange rate changes on cash 6,352   3,218  
Net increase (decrease) in cash and cash equivalents (220,756 ) 195,763
Cash and cash equivalents at beginning of period 730,083   534,320  
Cash and cash equivalents at end of period $ 509,327   $ 730,083  
 
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
    Quarter Ended    
December 31, 2018     December 31, 2017 % Change
 
Consolidated sales, as reported $ 7,918,182 $ 7,539,449 5.0 %
Impact of changes in foreign currencies (106,649 )
Impact of acquisitions 47,020
Impact of dispositions   (58,282 )
Consolidated sales, as adjusted $ 7,918,182   $ 7,421,538   6.7 %
 
Global components sales, as reported $ 5,261,477 $ 4,944,942 6.4 %
Impact of changes in foreign currencies (58,957 )
Impact of acquisitions   21,314  
Global components sales, as adjusted $ 5,261,477   $ 4,907,299   7.2 %
 
Americas components sales, as reported $ 2,021,033 $ 1,929,827 4.7 %
Impact of changes in foreign currencies (3,536 )
Impact of acquisitions   21,314  
Americas components sales, as adjusted $ 2,021,033   $ 1,947,605   3.8 %
 
Europe components sales, as reported $ 1,407,429 $ 1,296,142 8.6 %
Impact of changes in foreign currencies (47,249 )
Impact of acquisitions    
Europe components sales, as adjusted $ 1,407,429   $ 1,248,893   12.7 %
 
Asia components sales, as reported $ 1,833,015 $ 1,718,973 6.6 %
Impact of changes in foreign currencies (8,172 )
Impact of acquisitions    
Asia components sales, as adjusted $ 1,833,015   $ 1,710,801   7.1 %
 
Global ECS sales, as reported $ 2,656,705 $ 2,594,507 2.4 %
Impact of changes in foreign currencies (47,692 )
Impact of acquisitions 25,706
Impact of dispositions   (58,282 )
Global ECS sales, as adjusted $ 2,656,705   $ 2,514,239   5.7 %
 
Europe ECS sales, as reported $ 954,343 $ 965,216 (1.1 )%
Impact of changes in foreign currencies (33,786 )
Impact of acquisitions 25,706
Impact of dispositions   (1,108 )
Europe ECS sales, as adjusted $ 954,343   $ 956,028   (0.2 )%
 
Americas ECS sales, as reported $ 1,702,362 $ 1,629,291 4.5 %
Impact of changes in foreign currencies (13,906 )
Impact of acquisitions
Impact of dispositions   (57,174 )
Americas ECS sales, as adjusted $ 1,702,362   $ 1,558,211   9.3 %
 
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
       
Year Ended
December 31, 2018     December 31, 2017 % Change
 
Consolidated sales, as reported $ 29,676,768 $ 26,554,563 11.8 %
Impact of changes in foreign currencies 251,644
Impact of acquisitions 157,772
Impact of dispositions (27,493 ) (229,845 )
Consolidated sales, as adjusted $ 29,649,275   $ 26,734,134   10.9 %
 
Global components sales, as reported $ 20,856,851 $ 18,330,456 13.8 %
Impact of changes in foreign currencies 174,214
Impact of acquisitions   84,789  
Global components sales, as adjusted $ 20,856,851   $ 18,589,459   12.2 %
 
Americas components sales, as reported $ 7,816,533 $ 7,010,385 11.5 %
Impact of changes in foreign currencies (6,533 )
Impact of acquisitions   84,789  
Americas components sales, as adjusted $ 7,816,533   $ 7,088,641   10.3 %
 
Europe components sales, as reported $ 5,733,222 $ 4,868,862 17.8 %
Impact of changes in foreign currencies 164,573
Impact of acquisitions    
Europe components sales, as adjusted $ 5,733,222   $ 5,033,435   13.9 %
 
Asia components sales, as reported $ 7,307,096 $ 6,451,209 13.3 %
Impact of changes in foreign currencies 16,174
Impact of acquisitions    
Asia components sales, as adjusted $ 7,307,096   $ 6,467,383   13.0 %
 
Global ECS sales, as reported $ 8,819,917 $ 8,224,107 7.2 %
Impact of changes in foreign currencies 77,430
Impact of acquisitions 72,983
Impact of dispositions (27,493 ) (229,845 )
Global ECS sales, as adjusted $ 8,792,424   $ 8,144,675   8.0 %
 
Europe ECS sales, as reported $ 3,077,391 $ 2,835,219 8.5 %
Impact of changes in foreign currencies 95,447
Impact of acquisitions 72,983
Impact of dispositions   (3,991 )
Europe ECS sales, as adjusted $ 3,077,391   $ 2,999,658   2.6 %
 
Americas ECS sales, as reported $ 5,742,526 $ 5,388,888 6.6 %
Impact of changes in foreign currencies (18,017 )
Impact of acquisitions
Impact of dispositions (27,493 ) (225,854 )
Americas ECS sales, as adjusted $ 5,715,033   $ 5,145,017   11.1 %
 
 
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
 
Three months ended December 31, 2018
    Reported
GAAP
measure
    Intangible
amortization
expense
    Restructuring
& Integration
charges
   

Impact of the
Tax Act

    Other*     Non-GAAP
measure
Operating income $ 334,380 12,261 $ 9,864 $ $ 356,505
Income before income taxes 264,965 12,261 9,864 11,886 298,976
Provision for income taxes 32,474 3,437 4,514 28,323 3,025 71,773
Consolidated net income 232,491 8,824 5,350 (28,323 ) 8,861 227,203
Noncontrolling interests 1,838 142 1,980
Net income attributable to shareholders $ 230,653 $ 8,682 $ 5,350 $ (28,323 ) $ 8,861 $ 225,223
Net income per diluted share $ 2.63 $ 0.10 $ 0.06 $ (0.32 ) $ 0.10 $ 2.57
Effective tax rate 12.3 % 24.0 %
                                     
Three months ended December 31, 2017 (Adjusted)
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges

Impact of the
Tax Act

Other** Non-GAAP
measure
Operating income $ 286,824 12,162 $ 18,771 $ 21,000 $ 338,757
Income before income taxes 226,914 12,162 18,771 35,499 293,346
Provision for income taxes 171,413 4,321 4,509 (124,748 ) 13,713 69,208
Consolidated net income 55,501 7,841 14,262 124,748 21,786 224,138
Noncontrolling interests 1,848 147 1,995
Net income attributable to shareholders $ 53,653 $ 7,694 $ 14,262 $ 124,748 $ 21,786 $ 222,143
Net income per diluted share $ 0.60 $ 0.09 $ 0.16 $ 1.40 $ 0.24 $ 2.49
Effective tax rate 75.5 % 23.6 %
                                     
Year Ended December 31, 2018
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges

Impact of the
Tax Act

Other** Non-GAAP
measure
Operating income $ 1,147,512 $ 49,356 $ 60,361 $ $ 3,604 $ 1,260,833
Income before income taxes 909,373 49,356 60,361 19,435 1,038,525
Provision for income taxes 187,799 13,458 17,299 28,323 4,678 251,557
Consolidated net income 721,574 35,898 43,062 (28,323 ) 14,757 786,968
Noncontrolling interests 5,379 589 5,968
Net income attributable to shareholders $ 716,195 $ 35,309 $ 43,062 $ (28,323 ) $ 14,757 $ 781,000
Net income per diluted share**** $ 8.10 $ 0.40 $ 0.49 $ (0.32 ) $ 0.17 $ 8.83
Effective tax rate 20.7 % 24.2 %
                                     
Year Ended December 31, 2017 (Adjusted)
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges

Impact of the
Tax Act

Other*** Non-GAAP
measure
Operating income $ 945,736 50,071 $ 74,588 $ 21,000 $ 1,091,395
Income before income taxes 693,917 50,071 74,588 103,828 922,404
Provision for income taxes 286,541 17,744 22,401 (124,748 ) 40,070 242,008
Consolidated net income 407,376 32,327 52,187 124,748 63,758 680,396
Noncontrolling interests 5,200 701 5,901
Net income attributable to shareholders $ 402,176 $ 31,626 $ 52,187 $ 124,748 $ 63,758 $ 674,495
Net income per diluted share $ 4.48 $ 0.35 $ 0.58 $ 1.39 $ 0.71 $ 7.51
Effective tax rate 41.3 % 26.2 %
                                     
*Other includes gain/loss on investments, net, and pension
settlement.

**Other includes gain/loss on investments,
net, pension settlement, and loss on disposition of businesses, net.

***Other
includes gain/loss on investments, net, pension settlement, loss on
disposition of businesses, net, and loss on extinguishment of debt.

****The
sum of the components for diluted EPS as adjusted may not agree to
totals as presented due to rounding.
 

Contacts

Arrow Electronics
Steven O’Brien
Vice President,
Investor Relations
303-824-4544
or
Media Contact:
John
Hourigan
Vice President, Global Communications
303-824-4586

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