Arrow Electronics 1Q net income down 17 percent

ENGLEWOOD, Colo. (AP) — Distributor Arrow Electronics Inc. said its first-quarter net income fell 17 percent, missing analyst expectations, as weak economic conditions in Europe and a tight credit market in China cut into sales of electronic components.

The company's earnings forecast for the current quarter was also below Wall Street estimates. Arrow shares fell $3.11, or 7.4 percent, to $38.94 in afternoon trading. It was the lowest level for the shares since March.

The other major division, which resells enterprise computing solutions, did well, with sales rising 15 percent from last year.

The Englewood, Colo.-based company said net income for the quarter ended March 31 was $113.6 million, or $1 per share, compared with $136.3 million, or $1.16 per share, in the same period the year before.

Excluding one-time items like restructuring charges, earnings were $1.05 per share, three cents less than expected by analysts polled by FactSet.

Revenue fell 6 percent to $4.89 billion from $5.22 billion, missing the analyst forecast of $4.91 billion.

The company forecast that in the current quarter ending in June, it will earn adjusted net income between $1.08 and $1.20 per share. That's below the analyst forecast of $1.23. The company said revenue would be between $5.04 billion and $5.44 billion, straddling the analyst forecast of $5.21 billion.