Arrow Electronics 3Q profit falls 83 percent

MELVILLE, N.Y. (AP) — Arrow Electronics Inc., a provider of electronic components and enterprise computing solutions, said Wednesday its third-quarter profit plunged 83 percent on weak sales and restructuring costs.

The sharp decline sent Arrow shares down $1.60, or 5.8 percent, to $26.02 in midday trading, even though adjusted profit beat Wall Street estimates.

The Melville, N.Y., company earned $12.6 million, or 10 cents per share, in the quarter that ended Oct. 3. That is down from the $76.1 million, or 63 cents per share, it earned a year earlier.

Adjusted profit of 37 cents per share beat a 33 cent per share prediction of analysts polled by Thomson Reuters. The adjusted results excluded a $37.6 million in restructuring costs and a $5.3 million charge to buy back debt.

Revenue fell 15 percent to $3.67 billion from $4.3 billion. Analysts had expected $3.45 billion.

The company also said it expects fourth-quarter profit of 44 cents to 56 cents per share. Analysts predict 51 cents per share in profit.