Arrow Electronics hails record Q1 sales

Distribution giant posts "record-breaking" first quarter sales totalling $4.24bn

Arrow claims it carried momentum built in Q4 into its first quarter

Arrow Electronics has reported record first quarter sales in its 2010 financials, with sales up 24 per cent on last year at $4.24bn.

The distributor’s global components sales totalled $3.13bn during Q1 2010, a third up on the same period last year. Meanwhile sales at its global enterprise computing solutions arn were up three per cent on last year at $1.11bn.

The company’s net profit during the first quarter topped $87m, up from $26.7m in Q1 2009, which Arrow attributed to the momentum built during the final quarter of 2009.

Michael Long, chief executive at Arrow, said: “The positive momentum built during the fourth quarter of 2009 has accelerated into 2010 driving us to a first quarter record level of sales.

"We experienced excellent growth across all of our components regions, which resulted in significant year-over-year increases in sales, profitability, and returns.”

Paul Reilly, executive vice president at Arrow, added: "The results this quarter demonstrate the significant operating leverage we have in the business, as operating income growth substantially outpaced sales growth on both a year-over-year and sequential basis.”