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Arrow Electronics Reports Second-Quarter Results

-- Record Second-Quarter Sales and Gross Profit --

-- Second-Quarter Earnings Per Share of $1.11; Non-GAAP Earnings Per Share of $1.78 --

CENTENNIAL, Colo.--(BUSINESS WIRE)--Aug. 3, 2017-- Arrow Electronics, Inc. (NYSE:ARW) today reported second-quarter 2017 sales of $6.47 billion, an increase of 8 percent from sales of $5.97 billion in the second quarter of 2016. Second-quarter net income of $100 million, or $1.11 per share on a diluted basis, compared with net income of $134 million, or $1.45 per share on a diluted basis, in the second quarter of 2016. Excluding certain items1, net income would have been $160 million, or $1.78 per share on a diluted basis, in the second quarter of 2017, compared with net income of $153 million, or $1.65 per share on a diluted basis, in the second quarter of 2016. In the second quarter of 2017, changes in foreign currencies had negative impacts on growth of approximately $57 million or 1 percent on sales and $.01 or 1 percent on earnings per share on a diluted basis compared to the second quarter of 2016.

“Our investments in our digital platform, IoT and cloud capabilities, and sustainable technology solutions have allowed Arrow to stay ahead of changes to the distribution industry and the broader technology environment,” said Michael J. Long, chairman, president, and chief executive officer. “These investments drove record second-quarter gross profit and record second-quarter sales that were above the high end of our expectation.”

Global components second-quarter sales of $4.46 billion grew 16 percent year over year. Second-quarter sales, as adjusted, grew 17 percent year over year. Americas components sales grew 15 percent year over year. Asia-Pacific components sales grew 21 percent year over year. Europe components sales grew 13 percent year over year. Sales in the region, as adjusted, grew 16 percent year over year. Global components second-quarter operating income grew 11 percent year over year and grew 9 percent year over year excluding amortization of intangibles expense. “Global components sales exceeded the high end of our expectation for the third quarter in a row driven by robust customer growth and deeper engagements with existing customers,” said Mr. Long.

Global enterprise computing solutions second-quarter sales of $2 billion declined 6 percent year over year. Second-quarter sales, as adjusted, declined 5 percent year over year. Global enterprise computing solutions second-quarter operating income declined 2 percent year over year and declined 3 percent year over year excluding amortization of intangibles expense. “Our industry-leading infrastructure software and cloud portfolio produced strong growth again this quarter, but were offset by declines in legacy hardware,” added Mr. Long.

“Second-quarter cash flow from operations was negative $112 million. We are making substantial working capital investments to support our rapid growth, and believe these organic investments in our business have high return potential longer term,” said Chris Stansbury, senior vice president and chief financial officer. “We remain committed to returning excess cash to shareholders. During the second quarter we returned approximately $55 million to shareholders through our stock repurchase program. We had approximately $409 million of remaining authorization under our share repurchase programs at the end of the second quarter.”

SIX-MONTH RESULTS

In the first six months of 2017, Arrow’s sales of $12.22 billion increased 7 percent from sales of $11.45 billion in the first six months of 2016. Net income for the first six months of 2017 was $213 million, or $2.37 per share on a diluted basis, compared with net income of $241 million, or $2.59 per share on a diluted basis in the first six months of 2016. Excluding certain items1, net income would have been $292 million, or $3.24 per share on a diluted basis, in the first six months of 2017 compared with net income of $285 million, or $3.07 per share on a diluted basis, in the first six months of 2016. In the first six months of 2017, changes in foreign currencies had negative impacts on growth of approximately $130 million or 1 percent on sales and $.05 or 2 percent on earnings per share on a diluted basis compared to the first six months of 2016.

1 A reconciliation of non-GAAP adjusted financial measures, including sales, as adjusted, operating income, as adjusted, net income attributable to shareholders, as adjusted, and net income per share, as adjusted, to GAAP financial measures is presented in the reconciliation tables included herein.

GUIDANCE

“As we look to the third quarter, we believe that total sales will be between $6.325 billion and $6.725 billion, with global components sales between $4.4 billion and $4.6 billion, and global enterprise computing solutions sales between $1.925 billion and $2.125 billion. As a result of this outlook, we expect earnings per share on a diluted basis to be in the range of $1.49 to $1.61, and earnings per share on a diluted basis, excluding any charges, to be in the range of $1.74 to $1.86 per share. Our guidance assumes an average tax rate of 27 to 29 percent and average diluted shares outstanding are expected to be 89 million. We are expecting the average USD-to-Euro exchange rate for the third quarter to be approximately $1.15 to €1,” said Mr. Stansbury.

Please refer to the CFO commentary, which can be found at investor.arrow.com, as a supplement to the company’s earnings release.

Arrow Electronics (www.arrow.com) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Arrow serves as a supply channel partner for more than 125,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 465 locations serving over 90 countries.

Information Relating to Forward-Looking Statements

This press release includes forward-looking statements that are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: industry conditions, the company's implementation of its new enterprise resource planning system, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, and the company’s ability to generate additional cash flow. Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," and similar expressions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.

For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2016.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information relating to sales, operating income, net income attributable to shareholders, and net income per basic and diluted share. The company provides sales, income, or expense on a non-GAAP basis adjusted for the impact of changes in foreign currencies and the impact of acquisitions by adjusting the company's operating results for businesses acquired, including the amortization expense related to acquired intangible assets, as if the acquisitions had occurred at the beginning of the earliest period presented (referred to as "impact of acquisitions"). Operating income, net income attributable to shareholders, and net income per basic and diluted share are adjusted to exclude identifiable intangible amortization, restructuring, integration, and other charges, and certain charges, credits, gains, and losses that the company believes impact the comparability of its results of operations. These charges, credits, gains, and losses arise out of the company’s efficiency enhancement initiatives, acquisitions (including intangible assets amortization expense), and financing activities. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers these items referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.

The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, sales, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
           
Quarter Ended Six Months Ended
July 1, 2017     July 2, 2016 July 1, 2017     July 2, 2016
       
Sales $ 6,465,346   $ 5,972,101   $ 12,224,898   $ 11,446,278
Costs and expenses:
Cost of sales 5,641,380 5,173,310 10,641,045 9,898,589
Selling, general, and administrative expenses 532,347 518,704 1,047,866 1,024,517
Depreciation and amortization 37,381 40,389 74,522 81,322
Restructuring, integration, and other charges 24,416   16,106   39,921   36,894
6,235,524   5,748,509   11,803,354   11,041,322
Operating income 229,822 223,592 421,544 404,956
Equity in earnings of affiliated companies 724 2,227 1,649 4,083
Gain on sale of investment 750 750
Loss on extinguishment of debt 58,759 58,759
Interest and other financing expense, net 42,358   39,024   80,431   74,599
Income before income taxes 130,179 186,795 284,753 334,440
Provision for income taxes 29,575   51,457   68,799   92,510
Consolidated net income 100,604 135,338 215,954 241,930
Noncontrolling interests 925   1,068   2,507   1,425
Net income attributable to shareholders $ 99,679   $ 134,270   $ 213,447   $ 240,505
 
Net income per share:
Basic $ 1.12   $ 1.46   $ 2.40   $ 2.62
Diluted $ 1.11   $ 1.45   $ 2.37   $ 2.59
 
Weighted average shares outstanding:
Basic 88,876 91,782 89,079 91,647
Diluted 89,837 92,693 90,146 92,771
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
           
July 1, 2017 December 31, 2016
 
ASSETS
Current assets:
Cash and cash equivalents $ 419,918 $ 534,320
Accounts receivable, net 6,531,452 6,746,687
Inventories 3,045,377 2,855,645
Other current assets 226,415   180,069  
Total current assets 10,223,162   10,316,721  
Property, plant, and equipment, at cost:
Land 13,261 23,456
Buildings and improvements 157,927 175,141
Machinery and equipment 1,264,003   1,297,657  
1,435,191 1,496,254
Less: Accumulated depreciation and amortization (645,257 ) (739,955 )
Property, plant, and equipment, net 789,934   756,299  
Investments in affiliated companies 86,371 88,401
Intangible assets, net 317,435 336,882
Goodwill 2,446,864 2,392,220
Other assets 336,259   315,843  
Total assets $ 14,200,025   $ 14,206,366  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 5,270,311 $ 5,774,151
Accrued expenses 742,086 821,244
Short-term borrowings, including current portion of long-term debt 427,033   93,827  
Total current liabilities 6,439,430   6,689,222  
Long-term debt 2,642,043 2,696,334
Other liabilities 367,696 355,190
Commitments and contingencies (Note L)
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2017 and 2016
Issued - 125,424 shares in both 2017 and 2016 125,424 125,424
Capital in excess of par value 1,098,979 1,112,114
Treasury stock (37,165 and 36,511 shares in 2017 and 2016, respectively), at cost (1,715,587 ) (1,637,476 )
Retained earnings 5,410,677 5,197,230
Accumulated other comprehensive loss (212,818 ) (383,854 )
Total shareholders' equity 4,706,675 4,413,438
Noncontrolling interests 44,181   52,182  
Total equity 4,750,856   4,465,620  
Total liabilities and equity $ 14,200,025   $ 14,206,366  
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
       
Quarter Ended
July 1, 2017     July 2, 2016
Cash flows from operating activities:
Consolidated net income $ 100,604 $ 135,338
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
Depreciation and amortization 37,381 40,389
Amortization of stock-based compensation 9,816 10,398
Equity in earnings of affiliated companies (724 ) (2,227 )
Loss on extinguishment of debt 58,759
Deferred income taxes (2,113 ) 5,114
Other 1,957 1,492
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable (528,948 ) (467,492 )
Inventories (111,760 ) (67,101 )
Accounts payable 380,647 429,416
Accrued expenses 3,518 45,952
Other assets and liabilities (61,357 ) 17,448  
Net cash provided by (used for) operating activities (112,220 ) 148,727  
 
Cash flows from investing activities:
Cash consideration paid for acquired businesses (2,534 ) 1,017
Acquisition of property, plant, and equipment (39,788 ) (39,075 )
Proceeds from sale of property, plant, and equipment 16,547
Other (3,000 ) (12,000 )
Net cash used for investing activities (28,775 ) (50,058 )
 
Cash flows from financing activities:
Change in short-term and other borrowings (36,128 ) 67,141
Proceeds from long-term bank borrowings, net 179,318 (32,000 )
Net proceeds from note offering 494,625
Redemption of notes (558,100 )
Proceeds from exercise of stock options 3,438 9,139
Repurchases of common stock (54,816 ) (28,149 )
Other (945 )  
Net cash provided by financing activities 27,392   16,131  
Effect of exchange rate changes on cash 11,959   (13,684 )
Net increase (decrease) in cash and cash equivalents (101,644 ) 101,116
Cash and cash equivalents at beginning of period 521,562   394,655  
Cash and cash equivalents at end of period $ 419,918   $ 495,771  
 
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
       
Six Months Ended
July 1, 2017     July 2, 2016
Cash flows from operating activities:
Consolidated net income $ 215,954 $ 241,930
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
Depreciation and amortization 74,522 81,322
Amortization of stock-based compensation 21,391 19,275
Equity in earnings of affiliated companies (1,649 ) (4,083 )
Loss on extinguishment of debt 58,759
Deferred income taxes 11,825 27,669
Other 5,208 2,954
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable 397,953 529,246
Inventories (149,945 ) (22,490 )
Accounts payable (601,708 ) (606,678 )
Accrued expenses (90,101 ) (114,741 )
Other assets and liabilities (75,319 ) (39,320 )
Net cash provided by (used for) operating activities (133,110 ) 115,084  
 
Cash flows from investing activities:
Cash consideration paid for acquired businesses (2,534 ) (45,473 )
Acquisition of property, plant, and equipment (101,906 ) (88,336 )
Proceeds from sale of property, plant, and equipment 24,433
Other (3,000 ) (12,000 )
Net cash used for investing activities (83,007 ) (145,809 )
 
Cash flows from financing activities:
Change in short-term and other borrowings 40,274 67,611
Proceeds from long-term bank borrowings, net 241,818 233,000
Net proceeds from note offering 494,625
Redemption of notes (558,100 )
Proceeds from exercise of stock options 20,697 14,844
Repurchases of common stock (123,663 ) (46,833 )
Purchase of shares from noncontrolling interest (23,350 )
Other (945 ) (1,817 )
Net cash provided by financing activities 91,356   266,805  
Effect of exchange rate changes on cash 10,359   (13,399 )
Net increase (decrease) in cash and cash equivalents (114,402 ) 222,681
Cash and cash equivalents at beginning of period 534,320   273,090  
Cash and cash equivalents at end of period $ 419,918   $ 495,771  
 
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
    Quarter Ended    
July 1, 2017     July 2, 2016 % Change
 
Consolidated sales, as reported $ 6,465,346 $ 5,972,101 8.3 %
Impact of changes in foreign currencies (56,946 )
Impact of acquisitions   4,162  
Consolidated sales, as adjusted $ 6,465,346   $ 5,919,317   9.2 %
 
Global components sales, as reported $ 4,462,350 $ 3,832,972 16.4 %
Impact of changes in foreign currencies (28,321 )
Impact of acquisitions   4,162  
Global components sales, as adjusted $ 4,462,350   $ 3,808,813   17.2 %
 
Europe components sales, as reported $ 1,192,393 $ 1,056,691 12.8 %
Impact of changes in foreign currencies (32,448 )
Impact of acquisitions    
Europe components sales, as adjusted $ 1,192,393   $ 1,024,243   16.4 %
 
Asia components sales, as reported $ 1,569,716 $ 1,298,429 20.9 %
Impact of changes in foreign currencies 3,735
Impact of acquisitions    
Asia components sales, as adjusted $ 1,569,716   $ 1,302,164   20.5 %
 
Global ECS sales, as reported $ 2,002,996 $ 2,139,129 (6.4 )%
Impact of changes in foreign currencies (28,626 )
Impact of acquisitions    
Global ECS sales, as adjusted $ 2,002,996   $ 2,110,503   (5.1 )%
 
Europe ECS sales, as reported $ 641,656 $ 720,335 (10.9 )%
Impact of changes in foreign currencies (27,816 )
Impact of acquisitions    
Europe ECS sales, as adjusted $ 641,656   $ 692,519   (7.3 )%
 
Americas ECS sales, as reported $ 1,361,340 $ 1,418,794 (4.0 )%
Impact of changes in foreign currencies (810 )
Impact of acquisitions    
Americas ECS sales, as adjusted $ 1,361,340   $ 1,417,984   (4.0 )%
 
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
    Six Months Ended    
July 1, 2017     July 2, 2016 % Change
 
Consolidated sales, as reported $ 12,224,898 $ 11,446,278 6.8 %
Impact of changes in foreign currencies (129,988 )
Impact of acquisitions   46,761  
Consolidated sales, as adjusted $ 12,224,898   $ 11,363,051   7.6 %
 
Global components sales, as reported $ 8,521,153 $ 7,508,901 13.5 %
Impact of changes in foreign currencies (68,671 )
Impact of acquisitions   8,324  
Global components sales, as adjusted $ 8,521,153   $ 7,448,554   14.4 %
 
Europe components sales, as reported $ 2,310,672 $ 2,115,123 9.2 %
Impact of changes in foreign currencies (77,769 )
Impact of acquisitions    
Europe components sales, as adjusted $ 2,310,672   $ 2,037,354   13.4 %
 
Asia components sales, as reported $ 2,946,695 $ 2,476,297 19.0 %
Impact of changes in foreign currencies 7,603
Impact of acquisitions    
Asia components sales, as adjusted $ 2,946,695   $ 2,483,900   18.6 %
 
Global ECS sales, as reported $ 3,703,745 $ 3,937,377 (5.9 )%
Impact of changes in foreign currencies (61,317 )
Impact of acquisitions   38,437  
Global ECS sales, as adjusted $ 3,703,745   $ 3,914,497   (5.4 )%
 
Europe ECS sales, as reported $ 1,209,218 $ 1,327,783 (8.9 )%
Impact of changes in foreign currencies (65,880 )
Impact of acquisitions    
Europe ECS sales, as adjusted $ 1,209,218   $ 1,261,903   (4.2 )%
 
Americas ECS sales, as reported $ 2,494,527 $ 2,609,594 (4.4 )%
Impact of changes in foreign currencies 4,563
Impact of acquisitions   38,437  
Americas ECS sales, as adjusted $ 2,494,527   $ 2,652,594   (6.0 )%
 
 
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
 
Three months ended July 1, 2017
    Reported
GAAP
measure
  Intangible
amortization
expense
  Restructuring
& Integration
charges
  Other*   Non-GAAP
measure
Operating income $ 229,822 $ 12,364 $ 24,416 $ $ 266,602
Income before income taxes 130,179 12,364 24,416 58,009 224,968
Provision for income taxes 29,575 4,388 7,576 22,377 63,916
Consolidated net income 100,604 7,976 16,840 35,632 161,052
Noncontrolling interests 925 157 1,082
Net income attributable to shareholders $ 99,679 $ 7,819 $ 16,840 $ 35,632 $ 159,970
Net income per diluted share** 1.11 0.09 0.19 0.40 1.78
Effective tax rate 22.7 % 28.4 %
                       
Three months ended July 2, 2016
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other Non-GAAP
measure
Operating income $ 223,592 14,446 16,106 254,144
Income before income taxes 186,795 14,446 16,106 217,347
Provision for income taxes 51,457 5,119 6,370 62,946
Consolidated net income 135,338 9,327 9,736 154,401
Noncontrolling interests 1,068 592 1,660
Net income attributable to shareholders $ 134,270 8,735 9,736 152,741
Net income per diluted share 1.45 0.09 0.11 1.65
Effective tax rate 27.5 % 29.0 %
                       
Six months ended July 1, 2017
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other* Non-GAAP
measure
Operating income $ 421,544 25,264 39,921 486,729
Income before income taxes 284,753 25,264 39,921 58,009 407,947
Provision for income taxes 68,799 8,949 12,573 22,377 112,698
Consolidated net income 215,954 16,315 27,348 35,632 295,249
Noncontrolling interests 2,507 408 2,915
Net income attributable to shareholders $ 213,447 15,907 27,348 35,632 292,334
Net income per diluted share** 2.37 0.18 0.30 0.40 3.24
Effective tax rate 24.2 % 27.6 %
                       
Six months ended July 2, 2016
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other Non-GAAP
measure
Operating income $ 404,956 27,359 36,894 469,209
Income before income taxes 334,440 27,359 36,894 398,693
Provision for income taxes 92,510 7,398 11,804 111,712
Consolidated net income 241,930 19,961 25,090 286,981
Noncontrolling interests 1,425 592 2,017
Net income attributable to shareholders $ 240,505 19,369 25,090 284,964
Net income per diluted share 2.59 0.21 0.27 3.07
Effective tax rate 27.7 % 28.0 %
                       
* Other includes loss on extinguishment of debt and gain on sale of investment.
**The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
 
 
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
               
Quarter Ended Six Months Ended
July 1, 2017     July 2, 2016 July 1, 2017     July 2, 2016
Sales:
Global components $ 4,462,350 $ 3,832,972 $ 8,521,153 $ 7,508,901
Global ECS 2,002,996   2,139,129   3,703,745   3,937,377  

Consolidated

$ 6,465,346   $ 5,972,101   $ 12,224,898   $ 11,446,278  
Operating income (loss):
Global components $ 197,164 $ 178,385 $ 370,697 $ 349,155
Global ECS 106,703 109,399 187,582 187,611
Corporate (a) (74,045 ) (64,192 ) (136,735 ) (131,810 )
Consolidated $ 229,822   $ 223,592   $ 421,544   $ 404,956  
        (a)   Includes restructuring, integration, and other charges of $24.4 million and $16.1 million for the second quarters of 2017 and 2016, respectively.
 
 
NON-GAAP SEGMENT RECONCILIATION
           
Quarter Ended Six Months Ended
July 1, 2017     July 2, 2016 July 1, 2017     July 2, 2016
Global components operating income, as reported $ 197,164 $ 178,385 $ 370,697 $ 349,155
Intangible assets amortization expense 6,827   8,545   14,226   16,445
Global components operating income, as adjusted $ 203,991   $ 186,930   $ 384,923   $ 365,600
Global ECS operating income, as reported $ 106,703 $ 109,399 $ 187,582 $ 187,611
Intangible assets amortization expense 5,537   5,901   11,038   10,914
Global ECS operating income, as adjusted $ 112,240   $ 115,300   $ 198,620   $ 198,525

Source: Arrow Electronics, Inc.

Arrow Electronics, Inc.
Steven O’Brien,303-824-4544
Vice President, Investor Relations
or
Media Contact:
John Hourigan, 303-824-4586
Vice President, Global Communications

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Steven O'Brien
Vice President, Investor Relations
9201 East Dry Creek Road
Centennial, CO 80112
Phone: 303-824-4544
Email: sobrien@arrow.com