Arrow Electronics (ARW) Q3 FY2023 earnings: revenue $8.0 billion, down 13.6% on the year

Arrow Electronics, Inc. (ARW) reported revenue of $8.0 billion for Q3 FY2023, the quarter ended 30 September 2023, down 13.6% on the same quarter a year earlier. Net income was $199 million, down 42.0% on the year, and diluted earnings per share $3.53. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$8.0 billiondown 13.6%

Net income$199 milliondown 42.0%

Diluted EPS$3.53

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	8,007	n/a	n/a	n/a
Cost of revenue	7,027	n/a	n/a	n/a
Gross profit	980	n/a	n/a	n/a
Gross margin	12.2%	n/a	n/a
Selling, general and administrative	563	n/a	n/a	n/a
Operating income	340	n/a	n/a	n/a
Operating margin	4.2%	n/a	n/a
Pre-tax income	252	n/a	n/a	n/a
Income tax	52.2	n/a	n/a	n/a
Effective tax rate	20.7%	n/a	n/a
Net income	199	n/a	n/a	n/a
Net margin	2.5%	n/a	n/a
Diluted EPS	$3.53	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	322	n/a	n/a	n/a
Capital expenditure	20.7	n/a	n/a	n/a
Free cash flow	301	n/a	n/a	n/a
Free cash flow margin	3.8%	n/a	n/a
Cash from investing	-20.7	n/a	n/a	n/a
Cash from financing	-157	n/a	n/a	n/a
Depreciation and amortisation	45.0	n/a	n/a	n/a
Share-based compensation	6.5	n/a	n/a	n/a
Buybacks	203	n/a	n/a	n/a
Diluted shares, weighted	56m	n/a	n/a	n/a
Shares outstanding at period end	54m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	5,485	n/a	n/a	n/a
Non-controlling interest	68.2	n/a	n/a	n/a
Debt	2,615	n/a	n/a	n/a
Other liabilities	12,470	n/a	n/a	n/a
Total liabilities and equity	20,638	n/a	n/a	n/a
Fixed assets	536	n/a	n/a	n/a
Goodwill	2,022	n/a	n/a	n/a
Intangible assets	135	n/a	n/a	n/a
Cash and equivalents	333	n/a	n/a	n/a
Receivables	10,663	n/a	n/a	n/a
Inventory	5,806	n/a	n/a	n/a
Other assets	1,143	n/a	n/a	n/a
Total assets	20,638	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,007	7,849	6,924	6,893	6,823	7,283	6,814	7,580	7,713	8,746	9,474	9,992
Cost of revenue	7,027	6,860	6,066	6,046	6,038	6,480	6,040	6,731	6,877	7,738	8,383	8,867
Gross profit	980	990	858	846	785	803	774	849	835	1,009	1,090	1,125
Gross margin	12%	13%	12%	12%	12%	11%	11%	11%	11%	12%	12%	11%
SG&A	563	590	583	553	535	548	562	601	588	639	656	688
Operating income	340	317	186	212	175	195	159	191	179	294	362	377
Operating margin	4%	4%	3%	3%	3%	3%	2%	3%	2%	3%	4%	4%
Pre-tax income	252	250	105	139	116	129	103	233	129	253	307	353
Tax rate	21%	22%	21%	21%	13%	22%	23%	20%	15%	23%	23%	23%
Net income	199	195	83.6	109	101	99.2	79.7	188	109	195	235	273
Net margin	2%	2%	1%	2%	1%	1%	1%	2%	1%	2%	2%	3%
Diluted EPS	$3.53	$3.54	$1.53	$2.01	$1.88	$1.86	$1.51	$3.59	$2.09	$3.75	$4.55	$5.26
Operating cash flow	322	287	403	320	80.6	326	352	-206	-282	200	700	318
Capital expenditure	20.7	25.5	29.5	22.1	18.5	22.5	25.0	18.6	30.3	27.4	32.1	21.1
Free cash flow	301	261	374	298	62.0	304	327	-225	-312	173	668	297
Buybacks	203	50.5	87.9	75.4	51.1	50.8	59.4	50.7	0.6	50.9	33.3	41.9
Shares outstanding	54m	54m	53m	53m	53m	52m	52m	52m	52m	51m	51m	51m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001558370-23-017325: the filing on EDGAR. All of Arrow Electronics, Inc.'s filings: EDGAR company page.

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