Arrow Electronics, Inc. (ARW) Issues Q4 Earnings Guidance
Arrow Electronics, Inc. (NYSE:ARW) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.21-2.37 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.27. The company issued revenue guidance of $7.2-7.6 billion, compared to the consensus revenue estimate of $7.18 billion.
Arrow Electronics (NYSE:ARW) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.01. Arrow Electronics had a net margin of 2.01% and a return on equity of 13.52%. The firm had revenue of $6.47 billion during the quarter, compared to the consensus estimate of $6.23 billion. During the same quarter last year, the firm earned $1.65 EPS. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis.
Several brokerages have commented on ARW. BidaskClub cut shares of Arrow Electronics from a buy rating to a hold rating in a research report on Wednesday, August 9th. Zacks Investment Research cut shares of Arrow Electronics from a buy rating to a hold rating in a research report on Wednesday, August 23rd. Deutsche Bank AG reaffirmed a hold rating and set a $81.00 price objective (up from $76.00) on shares of Arrow Electronics in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $86.00 price objective on shares of Arrow Electronics in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $80.60.
In other Arrow Electronics news, insider Sean J. Kerins sold 4,477 shares of Arrow Electronics stock in a transaction on Friday, August 25th. The shares were sold at an average price of $77.16, for a total value of $345,445.32. Following the transaction, the insider now directly owns 26,213 shares in the company, valued at $2,022,595.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Michael J. Long sold 20,910 shares of Arrow Electronics stock in a transaction on Monday, August 14th. The shares were sold at an average price of $76.01, for a total transaction of $1,589,369.10. Following the completion of the transaction, the chairman now owns 346,486 shares in the company, valued at $26,336,400.86. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
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Arrow Electronics Company Profile
Arrow Electronics, Inc is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company has a portfolio of product offerings available from various electronic components and enterprise computing solutions suppliers.
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