Arrow Electronics Won’t Meet Profit Forecasts
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Top electronic-component distributor Arrow Electronics Inc. said its first-quarter profit will miss Wall Street expectations because of a deepening slide in business among telecommunications and networking companies. The company said it expects to post first-quarter earnings in the range of 74 cents to 80 cents--well off the consensus estimate of $1.04, as measured by First Call/Thomson Financial. Arrow expects revenue in the latest quarter to be 10% to 15% lower than the $3.7 billion posted in the fourth quarter. Shares of Arrow dropped 87 cents to finish at $25.10 on the NYSE.
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