Arrow Electronics, Inc. Announces Distribution Agreement with Rackspace
Sep 29 14
Arrow Electronics, Inc. announced a distribution agreement with Rackspace that will expand the company's cloud service portfolio in the United States and Canada. Through the agreement, Arrow solution providers can enter the Rackspace reseller program that provides volume discounts, pre- and post-sales support and access to helpdesk services and financing services. The Rackspace managed cloud portfolio includes among other services public multi-tenant, private and dedicated single-tenant cloud servers, as well as data stores, e-commerce, digital marketing and VMware(R)-powered solutions. The Rackspace solutions are available through ArrowSphere, a platform that provides the channel ecosystem, such as managed service and solution providers and independent software vendors, with easy access to cloud services. ArrowSphere features best-of-breed offerings from leading service providers, as well as customizable webstores through which solution providers can present Arrow cloud offerings, as well as their own cloud services, to customers.
Arrow Electronics, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2014; Provides Earnings Guidance for the Third Quarter of 2014
Jul 29 14
Arrow electronics, inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2014. For the quarter, the company reported sales of $5,676,539,000 compared to $5,306,085,000 for the same period a year ago. Operating income was $208,269,000 compared to $155,875,000 last year. Income before income taxes was $180,530,000 compared to $127,036,000 last year. Consolidated net income was $128,060,000 compared to $90,036,000 last year. Net income attributable to shareholders was $127,884,000 or $1.27 per diluted share compared to $89,935,000 or $0.86 per diluted share last year. Net cash provided by operating activities was $159,435,000 compared to $333,917,000 last year. Acquisition of property, plant, and equipment was $29,160,000 compared to $26,810,000 last year. Adjusted operating income was $228,771,000 compared to $194,968,000 last year. Adjusted net income attributable to shareholders was $144,277,000 or $1.43 per diluted share compared to $123,953,000 or $1.19 per diluted share last year. Adjusted sales were $5,676,539,000 compared to $5,632,531,000 for the same period a year ago. Return on working capital for the second quarter was 27.2%, up nearly 300 basis points over last year. And return on invested capital was 10.5%, also up year-over-year.
For the six months, the company reported sales of $10,758,579,000 compared to $10,155,714,000 for the same period a year ago. Operating income was $386,009,000 compared to $293,427,000 last year. Income before income taxes was $330,050,000 compared to $232,764,000 last year. Consolidated net income was $235,252,000 compared to $167,994,000 last year. Net income attributable to shareholders was $235,004,000 or $2.33 per diluted share compared to $167,810,000 or $1.58 per diluted share last year. Net cash provided by operating activities was $283,472,000 compared to $154,513,000 last year. Acquisition of property, plant, and equipment was $62,003,000 compared to $53,561,000 last year. Adjusted operating income was $429,072,000 compared to $363,087,000 last year. Adjusted net income attributable to shareholders was $268,324,000 or $2.66 per diluted share compared to $227,066,000 or $2.14 per diluted share last year. Adjusted sales were $10,758,579,000 compared to $10,785,522,000 for the same period a year ago.
For the third quarter, the company expects total sales will be between $5.25 billion and $5.65 billion, with global components sales between $3.55 billion and $3.75 billion and global enterprise computing solutions sales between $1.7 billion and $1.9 billion. As a result of this outlook, the company expects earnings per share, on a diluted basis, excluding any charges to be in the range of $1.26 to $1.38 per share. The guidance assumes an average tax rate in the range of 27% to 29%.