Continued weakness in Europe and softer demand elsewhere pushed sales lower at Arrow Electronics for the second quarter in a row, the Arapahoe County company reported Monday.
“All indications are that we face a no- to slow global growth environment for the next quarter or two,” said chairman and CEO Michael Long during a conference call with analysts.
Revenues decreased 7 percent in the second quarter from the first quarter to $5.15 billion, led by an 11 percent drop in electronic component sales.
That decline, combined with restructuring charges, contributed to a drop in net income, which fell to $114.4 million or $1.02 a share, down from $156.2 million or $1.33 a share in the second quarter a year earlier.
Arrow Electronics, which moved its headquarters from Long Island to Arapahoe County last fall, distributes electronic components and provides enterprise computing services to clients around the globe.
Executives said the company’s inventory levels are in good shape, and the company’s balance sheet remains strong. The company generated $571 million in cash flows from its operations over the past 12 months.
“We are prepared to do whatever is necessary to keep the business healthy,” Long said.
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or
