(RTTNews) - Arrow Electronics, Inc. (ARW) reported Thursday that net income attributable to shareholders for the first quarter plunged to $84 million or $1.53 per share from $274 million or $4.60 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $2.41 per share, compared to $4.60 per share in the year-ago quarter.
Consolidated sales for the quarter declined 21 percent to $6.92 billion from $8.74 billion in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $2.37 per share on sales of $7.05 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the second quarter, the company expects earnings in a range of $1.65 to $1.85 per share and adjusted earnings in a range of $2.05 to $2.25 per share on total sales between $6.20 billion and $6.80 billion, with global components sales between $4.60 billion and $5.00 billion, and global enterprise computing solutions sales between $1.60 billion to $1.80 billion.
The Street is looking for earnings of $2.60 per share on sales of $7.21 billion for the quarter.
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