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25 Jul 2007
Global distribution giant Arrow Electronics has seen second quarter 2007 profits shoot up by 17 per cent.
The firm, whose European subsidiary DNS Arrow acquired the security and storage distribution business of InTechnology in the UK last year, posted turnover of $4.04bn for the quarter, compared to $3.3bn in the same period last year.
Net profit also increased to $99.2m, compared to $92.8m in Q2 2006.
William Mitchell, chief executive of Arrow, said in a statement: “We continue to execute well on our strategic initiatives as evidenced by our record results. We achieved record sales, generated an impressive level of cash flow, and managed our asset base to a record low level of working capital to sales. We have made strong strategic moves over the last 18 months that have resulted in a more diverse revenue stream, a broader geographic footprint, and increased opportunities in fast-growing product segments."
Mitchell said growth of the firm’s enterprise computing solutions (ECS) was helped by the acquisitions of InTechnology and US firms KeyLink System Group and Alternative Technology.
“Our strategic transformation in global ECS is producing impressive results as we grew sales at almost four times the rate at which the market is expected to grow," Mitchell added. "Global ECS now represents approximately one-third of our business, further diversifying and reducing the volatility of our revenue stream. By further executing on significant cross-selling opportunities, pursuing our strategic focus on the mid-market and leveraging our software capabilities, we expect to continue to outgrow the market.”
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