Arrow Electronics said its first-quarter sales, profit and earnings set new records in its latest financial disclosure issued Thursday.
The Colorado electronic components supplier reported just more than $9 billion in sales in the first three months of the year, an 8% increase from the same period in 2021. Sales of components in the Americas and Europe jumped 38% and 23%, respectively, to offset an 8% drop in Asia.
Gross profit increased from $930 million in the first quarter of last year to $1.2 billion in the latest period, while operating income rose from just shy of $300 million to $510 million over that span. Net income per share hit $5.38 in the first quarter.
Arrow officials said despite near-term project postponements and interruptions due to supply chain struggles, demand for the company’s complex technology solutions remains strong. Arrow expects its second-quarter sales to range between $9.04 billion and $9.64 billion.
“While the IT demand environment was healthy, [the] sales mix was more skewed toward software and cloud-based solutions,” Rick Seidlitz, the company’s vice president and interim principal financial officer, wrote regarding the latest results. “Hardware-related sales continued to face challenges from supply-chain bottlenecks.”
The company earlier in the week announced that COO Sean Kerins would become the company’s president and CEO next month; current CEO Michael Long will become executive chairman of the company’s board.