Last $61.96 USD
Change Today -1.04 / -1.65%
Volume 643.9K
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As of 8:04 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

arrow electronics inc (ARW) Key Developments

Arrow Electronics, Inc. Announces Redemption of Outstanding 3.375% Notes Due 2015

Arrow Electronics, Inc. announced that the company will redeem for cash all of its outstanding 3.375% notes due 2015 on March 26, 2015 at a redemption price equal to the sum of (i) 100% of the principal amount outstanding, (ii) a make-whole premium calculated three business days prior to the redemption date in accordance with the Indenture and (iii) accrued and unpaid interest on the principal amount being redeemed. The notes were issued pursuant to an indenture dated January 15, 1997, as supplemented, among the company and The Bank of New York Mellon (as successor to the Bank of Montreal Trust Company), as trustee. As of February 23, 2015, $250 million aggregate principal amount of notes remain outstanding. On and after the date of redemption, the notes will no longer be deemed outstanding, interest will cease to accrue thereon and all rights of the holder of the Notes will cease to exist, except for the right to receive the redemption price, including unpaid interest to the redemption date. Notes are to be surrendered to The Bank of New York Mellon Trust Company, N.A. as trustee and paying agent, in exchange for payment of the redemption price on March 26, 2015, in accordance with the instructions specified in the notice of redemption.

Arrow Electronics, Inc. Announces $700 Million Notes Offering

Arrow Electronics, Inc. announced the pricing of two series of the company’s senior unsecured notes in an aggregate principal amount of $700 million. Of these, $350 million will mature on April 1, 2022 and will bear interest at an annual rate of 3.5%, and $350 million will mature on April 1, 2025 and will bear interest at an annual rate of 4.0%. The offering is expected to close on March 2, 2015. Net proceeds from this offering are expected to be used to repay the company's outstanding 3.375% notes due November 1, 2015 at or before maturity and for other general corporate purposes, which may include acquisitions or the repayment of other indebtedness including amounts outstanding under the company’s revolving credit facility or securitization program.

Arrow Electronics Mulls Acquisitions

Arrow Electronics, Inc. (NYSE:ARW) intends to pursue acquisitions. The company has announced the pricing of two series of senior unsecured notes in an aggregate principal amount of $700 million. The company plans to use the proceeds to repay the its outstanding 3.375% notes due November 1, 2015 at or before maturity and for other general corporate purposes, which may include acquisitions or the repayment of other indebtedness including amounts outstanding under the company's revolving credit facility or securitization program.

Arrow Electronics Inc. to Close its St. Paul Facility and Lay Off the Location's 77 Employees

Arrow Electronics Inc. is closing its St. Paul facility and laying off the location's 77 employees. The asset disposition facility at 2299 Territorial Road will close March 27, 2015 the same date that layoffs will start. The remaining jobs will be eliminated in rounds scheduled for April 30, May 30, June 30 and September 30, 2015.

Arrow Electronics, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015

Arrow Electronics, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported consolidated sales, as reported of $6,396,879,000 compared to $6,153,360,000 a year ago. Consolidated sales, as adjusted was $6,396,879,000 compared to $6,141,065,000 a year ago. Operating income, as reported was $176,432,000 compared to $237,337,000 a year ago. Operating income, as adjusted was $280,230,000 compared to $265,592,000 a year ago. Net income attributable to shareholders, as reported was $116,177,000 compared to $134,831,000 a year ago. Net income attributable to shareholders, as adjusted was $184,415,000 compared to $172,036,000 a year ago. Net income per diluted share, as reported was $1.18 compared to $1.32 a year ago. Net income per diluted share, as adjusted was $1.88 compared to $1.69 a year ago. Income before income taxes was $149,054,000 compared to $212,002,000 a year ago. Consolidated net income was $116,286,000 compared to $134,919,000 a year ago. Net cash provided by operating activities was $457,053,000 compared to $215,046,000 a year ago. Acquisition of property, plant, and equipment was $34,624,000 compared to $30,697,000 a year ago. For the year, the company reported consolidated sales, as reported of $22,768,674,000 compared to $21,357,285,000 a year ago. Consolidated sales, as adjusted was $22,928,886,000 compared to $22,359,917,000 a year ago. Operating income, as reported was $762,257,000 compared to $693,500,000 a year ago. Operating income, as adjusted was $924,161,000 compared to $822,919,000 a year ago. Net income attributable to shareholders, as reported was $498,045,000 compared to $399,420,000 a year ago. Net income attributable to shareholders, as adjusted was $592,976,000 compared to $519,032,000 a year ago. Net income per diluted share, as reported was $4.98 compared to $3.85 a year ago. Net income per diluted share, as adjusted was $5.93 compared to $5.01 a year ago. Income before income taxes was $683,333,000 compared to $582,219,000 a year ago. Consolidated net income was $498,390,000 compared to $399,876,000 a year ago. Net cash provided by operating activities was $673,301,000 compared to $450,691,000 a year ago. Acquisition of property, plant, and equipment was $122,505,000 compared to $116,162,000 a year ago. The company provided earnings guidance for the first quarter of 2015. For the first quarter, the company believes that total sales will be between $4.9 billion and $5.3 billion, with global components sales between $3.35 billion and $3.55 billion, and global enterprise computing solutions sales between $1.55 billion and $1.75 billion. As a result of this outlook, the company expects earnings per share on a diluted basis, excluding any charges, to be in the range of $1.27 to $1.39 per share. Guidance assumes an average tax rate in the range of 27 to 29%.

 

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