The performance of Arrow's value business was the biggest bright spot in a third quarter which saw unyielding market conditions eat into the distribution giant's top and bottom lines.
Total sales for the three months to 29 September fell four per cent year on year to just under $5bn (£3.1bn), while operating profit slumped 21.7 per cent to $163.8m. Sales at its components business dropped eight per cent to $3.4bn, while its Enterprise Computing Solutions (ECS) value division saw revenue grow three per cent to $1.59bn.
In Europe, components sales declined four per cent annually, with ECS cited as "delivering solid results in line with normal seasonality... even as market conditions weakened somewhat in the region".
Arrow expects its global fourth-quarter sales to fall in the range of $5.1bn to $5.5bn, with components chipping in $3bn to $3.2bn and ECS contributing somewhere between $2.1bn and $2.3bn. This compares with figures of $5.44bn, $3.44bn and $2bn respectively, in the corresponding period last year.
"The third quarter again demonstrated our strong execution in what continues to be a challenging global macroeconomic environment," said Arrow chief executive Michael Long. "Our fundamentals are strong and we continue to focus on operating the business for the long-term health of Arrow."
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