Arrow Electronics (ARW) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $1.43 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $1.40. The company posted revenue of $5474.20 million in the period, compared to analysts expectations of $5461.22 million. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.32 EPS.
Many Wall Street Analysts have commented on Arrow Electronics. Shares were Downgraded by Citigroup on May 2, 2016 to ” Sell” and Lowered the Price Target to $ 53 from a previous price target of $70 .Arrow Electronics was Resumed by BofA/Merrill to “Buy” on Apr 27, 2016. Arrow Electronics was Upgraded by Goldman to ” Buy” on Mar 14, 2016.
Arrow Electronics closed down -3.04 points or -4.90% at $59.06 with 14,52,486 shares getting traded on Monday. Post opening the session at $60.57, the shares hit an intraday low of $58.63 and an intraday high of $60.65 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Feb 25, 2016, Mary Catherine Morris (Chief Strategy Officer) sold 2,289 shares at $57.12 per share price. According to the SEC, on Feb 25, 2016, Andrew S Bryant (Chief Operating Officer) sold 3,786 shares at $57.13 per share price. On Feb 22, 2016, Paul J Reilly (Chief Financial Officer) sold 10,000 shares at $58.32 per share price, according to the Form-4 filing with the securities and exchange commission.
Arrow Electronics Inc. (Arrow) 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 electronic components and enterprise computing solutions (ECS) suppliers coupled with a range of services solutions and tools for industrial and commercial customers. The Company operates in two business segments: the global components business and the global enterprise computing solutions business. The global components business segment is a provider of online catalogs for electronic components; cloud-based design tools; factory-direct end-of-life product inventory and disposition solutions to redeploy remarket and recycle technology assets. The global ECS business segment provides enterprise and midrange computing products services and solutions to value-added resellers (VARs) in the Americas EMEA and Asia Pacific regions.