Global electronics distributor Arrow Electronics reported third-quarter 2019 sales of $7.08 billion, down 6% from $7.49 billion in the third quarter of 2018. Third-quarter net income was $92 million, or $1.10 per diluted share, down from $177 million, or $1.99 per diluted share, in the year-ago third quarter. In the third quarter, changes in foreign currencies negatively impacted growth by $103 million or 1% on sales and 4 cents or 2% on earnings per share on a diluted basis compared to the third quarter of 2018.
Arrow reported that third-quarter global components sales of $5.05 billion decreased 6% year over year. Asia-Pacific components sales increased 4% year over year, while Europe components sales decreased 7% year over year. Americas components sales fell 16% year-over year. Global components third-quarter operating income was $172 million.
“Arrow’s focused execution contributed to our bottom-line performance in the third quarter, despite continued challenging demand conditions in the Americas and Europe,” said Michael J. Long, chairman, president, and chief executive office, in a statement. “By harnessing our internal efficiencies, we were able to realize significant savings to reinvest in our omnichannel engineering services, and strengthen our position as a consistent, reliable provider of design, engineering and supply chain solutions.”
Global enterprise computing solutions third-quarter sales of $2.03 billion fell 4% year over year. Europe enterprise computing solutions sales decreased 6% year over year. Americas enterprise computing solutions sales decreased 3% year over year. Global enterprise computing solutions third-quarter operating income was $92 million.
“We are pleased that enterprise computing solutions’ execution in the marketplace drove 12% operating income growth in the third quarter. Operating income growth demonstrates our success in selling advanced, higher-value solutions utilizing next-generation software and hardware architectures,” added Long.