CENTENNIAL, Colo. (AP) — CENTENNIAL, Colo. (AP) — Arrow Electronics Inc. (ARW) on Thursday reported fourth-quarter profit of $99.2 million.
On a per-share basis, the Centennial, Colorado-based company said it had net income of $1.86. Earnings, adjusted for non-recurring costs and restructuring costs, were $2.97 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.69 per share.
The electronics maker posted revenue of $7.28 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $7 billion.
For the year, the company reported profit of $392.1 million, or $7.29 per share. Revenue was reported as $27.92 billion.
For the current quarter ending in March, Arrow Electronics expects its per-share earnings to range from $1.30 to $1.50.
The company said it expects revenue in the range of $5.98 billion to $6.58 billion for the fiscal first quarter.
Arrow Electronics shares have risen almost 2% since the beginning of the year. The stock has climbed 4.5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARW at https://www.zacks.com/ap/ARW
