Arrow puts on a brave face on 24% fall in Q2
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Soft automotive and industrial markets bit the latest results from global distributor Arrow, but the company says it has turned the corner of the downturn.
“We continued to execute well in an evolving market environment comfortably ahead of our guided ranges,” said Sean Kerins, Arrow’s president and chief executive officer. “In addition, our value-added offerings in global components as well as better momentum in enterprise computing solutions contributed to our overall operating margin stability in the quarter.”
Component sales were down 24% to $5.0bn in Q2 from $6.68bn in the same quarter last year, and down to $10.2bn for the last six months, down from $13.5bn last year in a record year.
“Across many of the segments in which we compete, we’re seeing signs of incremental improvement in leading indicators, with book-to-bill ratios advancing across all regions and bookings growing sequentially. Though the automotive and broader industrial markets are still experiencing softness, we now believe we’re in the later stages of the industry’s cyclical correction,” said Kerins.
It sees global components sales continuing to be down in Q3 at $4.70bn to $5.10bn and global enterprise computing solutions sales of $1.67bn to $1.87bn.
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