Arrow Electrs Inc Stock Price, News & Analysis

Arrow Electronics is leading an initiative to integrate smart home technology into affordable housing through a partnership with Habitat for Humanity in Aurora, Colorado. The Mountain View Community Homes project will feature 20 homes equipped with smart devices aimed at reducing energy consumption, enhancing security, and conserving water. Resideo is contributing Honeywell Home and First Alert solutions, while Rachio is providing smart sprinkler controllers. SiliconLabs is supplying tablets pre-loaded with control apps and components. Arrow employees have contributed nearly 600 volunteer hours to the development.

Arrow Electronics has enhanced its AI-powered ArrowSphere Cloud platform with new capabilities allowing channel partners to create custom AI assistants. These assistants leverage partners' own data, workflows, content, and vendor-specific information to improve efficiency and reduce costs. The platform now includes hundreds of ready-to-use cases and prompts, designed to accelerate customization and enhance go-to-market strategies. ArrowSphere Assistant, launched in March 2024, helps users address critical aspects of cloud business including FinOps, SecOps, and sustainability. The enhanced AI capabilities are currently available in release to ArrowSphere users.

Arrow Electronics (NYSE:ARW) reported third-quarter 2024 financial results with sales of $6.8 billion, reaching the high end of guidance. Net income per diluted share was $1.88, while non-GAAP earnings per share reached $2.38. Global Components sales decreased 21% year-over-year to $4.95 billion amid ongoing inventory corrections. However, Global Enterprise Computing Solutions showed positive momentum, increasing 7% to $1.88 billion. The company reduced inventory by $125 million in Q3 and announced restructuring plans targeting $90-100 million in annual cost savings by 2026.

Arrow Electronics (NYSE:ARW) and its engineering services company, eInfochips, have expanded their Automotive Centre of Excellence (CoE) with new development centres in Munich and Istanbul. The expansion aims to support customers in developing next-generation automotive products. The company has strengthened its capabilities through the acquisition of iQmine, a leading engineering services provider specializing in AUTOSAR, ECU software development, functional safety, and vehicle diagnostics. This strategic move addresses the industry's challenges in adopting connected, autonomous, and hybrid software technologies, particularly for companies lacking in-house engineering expertise.

Arrow Electronics (NYSE:ARW) has announced it will host a conference call to discuss its third-quarter 2024 financial results on Oct. 31, 2024, at 1:00 p.m. ET. A live webcast of the call will be available via the events section of investor.arrow.com or through a direct webcast link. A replay of the webcast will be accessible on the Arrow website for one year after the call.

Arrow Electronics is a global technology solutions provider, sourcing and engineering solutions for numerous leading manufacturers and service providers. The company reported global sales of $33 billion in 2023, with its portfolio enabling technology across major industries and markets.

Arrow Electronics has announced the global availability of ArrowSphere Assistant, an AI-powered copilot tool designed to enhance channel partners' performance and efficiency in managing cloud businesses through the ArrowSphere Cloud platform. The tool provides deeper data insights, visual aids, and improved operational workflows, making cloud management more efficient and informed.

Key features of ArrowSphere Assistant include:

• Ability to uncover new business opportunities
• Improved FinOps activities
• Enhanced comprehension of customers' security posture

Early adopters have reported significant benefits, with 90% of current users rating the assistant capabilities 8 or above on a 10-point scale, and over 94% recommending it to others. The tool has been road-tested by a global network of Arrow channel partners since its release in March 2024.

Arrow Electronics and Citrix have announced a strategic distribution agreement for North America and EMEA, effective Oct. 1, 2024. Arrow will manage sales, marketing, and technical support for service provider channel partners using fewer than 2,000 Citrix licenses. This move aims to provide greater enablement, flexibility, and support for partners in managing Citrix licenses.

The collaboration builds on Arrow's existing relationship with Citrix and aligns with Citrix's goal of creating a robust, channel-focused strategy. Citrix, now part of Cloud Software Group, will continue to focus on product development, engineering, and support of solutions available to all channel partners. For partners not directly impacted, Citrix plans to invest more deeply in joint go-to-market strategies.

Arrow Electronics (NYSE:ARW) reported Q2 2024 financial results, with sales of $6.9 billion, exceeding guidance. Earnings per diluted share were $2.01, while non-GAAP earnings per diluted share reached $2.78. Global Components sales decreased 25% year-over-year to $5.032 billion, while Global Enterprise Computing Solutions (ECS) sales increased 2% to $1.861 billion. The company generated $320 million in cash flow from operations and repurchased $50 million in shares. For Q3 2024, Arrow expects consolidated sales between $6.37 billion and $6.97 billion, with non-GAAP earnings per diluted share projected at $2.10 to $2.30.

Arrow Electronics (NYSE:ARW) has announced its upcoming second-quarter 2024 earnings conference call, scheduled for August 1, 2024, at 1:00 p.m. ET. Investors and interested parties can access the live webcast through the company's investor relations website or via a direct link. A replay of the webcast will be available on Arrow's website for one year following the call.

Arrow Electronics, with 2023 sales of $33 billion, is a leading technology solutions provider that serves manufacturers and service providers globally. The company focuses on developing technology solutions to improve business operations and daily life.