Arrow Electronics Inc. (NYSE: ARW), Melville, NY, reported first-quarter 2011 sales of $5.22 billion, and profit of $136.3 million.
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"Our growth strategy and the related momentum we built throughout the second half of 2009 and 2010 have carried over into the first quarter of 2011, with the Arrow team generating the strongest first-quarter results in our history. Revenue and earnings per share came in well ahead of our expectations, driven by strength in both of our business segments," said Michael J. Long, president and CEO.
Global components sales of $3.89 billion increased 24 percent year-over-year.
Global enterprise computing solutions sales of $1.34 billion increased 21 percent year-over-year. "Sales were in line with the high end of normal seasonality, and we saw excellent year-over-year growth in industry-standard servers, storage and services. We remain very optimistic about the outlook for the ECS business, as we have diversified into a number of faster-growing markets, such as security, networking, and virtualization, and are well-positioned to capitalize on the next wave of IT spending growth," said Long.
