Arrow Electronics, Inc. (ARW) Wednesday posted higher profit for the third quarter, as net sales grew 11 percent year-over-year.
The group's net income improved to $146.9 million or $1.47 per share from $96.8 million or $0.95 per share a year ago.
Excluding certain items, the company earned $140.2 million or $1.40 per share.
On average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.31 per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales increased to $5.61 billion from $5.05 billion last year, while Wall Street expected revenues of $5.40 billion.
Looking forward, for the fourth quarter, the firm expects earnings per share excluding any charges to be in a range of $1.75 - $1.87 , on total sales of $6.1 billion - $6.5 billion. Analysts are looking for earnings of $1.74 per share, on sales of $6.16 billion.
For the full year, the company said at the midpoints of its fourth-quarter guidance ranges, sales and earnings per share, excluding any charges would grow 6 percent and 17 percent.
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