RTTNews | Feb 4, 2021 08:18AM EST

08:18 Thursday, February 4, 2021 (RTTNews.com) - Arrow Electronics, Inc. (ARW) on Thursday reported that its fourth-quarter net income surged to $236.07 million or $3.08 per share from $112.01 million or $1.36 per share in the year-ago period.

Adjusted earnings were $3.17 per share, compared with $2.20 per share in the prior-year quarter.

Sales for the quarter grew 15 percent to $8.45 billion from $7.34 billion in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.67 per share for the quarter on revenues of $7.80 billion. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter, Arrow Electronics forecast consolidated sales of $7.625 billion to $8.225 billion, net income per share of $2.02 to $2.18, and adjusted net income per share on of $2.17 to $2.33. The Street expects the company to report earnings of $1.89 per share for the quarter on revenues of $6.93 billion.

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