NEW YORK | 1-4482 | 11-1806155 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 20.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ARROW ELECTRONICS, INC. | ||
Date: October 31, 2012 | By: | /s/ Peter S. Brown |
Name: | Peter S. Brown | |
Title: | Senior Vice President | |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 29,
2012
|
October 1,
2011
|
September 29,
2012
|
October 1,
2011
|
|||||||||||||
Operating income, as reported
|
$ | 163,817 | $ | 209,162 | $ | 539,955 | $ | 676,660 | ||||||||
Restructuring, integration, and other charges
|
14,562 | 8,848 | 36,152 | 23,676 | ||||||||||||
Settlement of legal matter
|
- | - | - | 5,875 | ||||||||||||
Operating income, as adjusted
|
$ | 178,379 | $ | 218,010 | $ | 576,107 | $ | 706,211 | ||||||||
|
||||||||||||||||
Net income attributable to shareholders, as reported
|
$ | 103,617 | $ | 132,216 | $ | 331,628 | $ | 424,722 | ||||||||
Restructuring, integration, and other charges
|
8,576 | 6,048 | 24,419 | 16,831 | ||||||||||||
Settlement of legal matter
|
- | - | - | 3,609 | ||||||||||||
Gain on bargain purchase
|
- | - | - | (1,078 | ) | |||||||||||
Net income attributable to shareholders, as adjusted
|
$ | 112,193 | $ | 138,264 | $ | 356,047 | $ | 444,084 | ||||||||
|
||||||||||||||||
Net income per basic share, as reported
|
$ | .96 | $ | 1.17 | $ | 3.01 | $ | 3.70 | ||||||||
Restructuring, integration, and other charges
|
.08 | .05 | .22 | .15 | ||||||||||||
Settlement of legal matter
|
- | - | - | .03 | ||||||||||||
Gain on bargain purchase
|
- | - | - | (.01 | ) | |||||||||||
Net income per basic share, as adjusted
|
$ | 1.04 | $ | 1.22 | $ | 3.23 | $ | 3.87 | ||||||||
Net income per diluted share, as reported
|
$ | .94 | $ | 1.15 | $ | 2.96 | $ | 3.64 | ||||||||
Restructuring, integration, and other charges
|
.08 | .05 | .22 | .14 | ||||||||||||
Settlement of legal matter
|
- | - | - | .03 | ||||||||||||
Gain on bargain purchase
|
- | - | - | (.01 | ) | |||||||||||
Net income per diluted share, as adjusted
|
$ | 1.02 | $ | 1.20 | $ | 3.18 | $ | 3.81 |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 29,
2012
|
October 1,
2011
|
September 29,
2012
|
October 1,
2011
|
|||||||||||||
Sales
|
$ | 4,962,331 | $ | 5,186,857 | $ | 15,002,423 | $ | 15,949,791 | ||||||||
Costs and expenses:
|
||||||||||||||||
Cost of sales
|
4,299,612 | 4,475,718 | 12,971,981 | 13,745,997 | ||||||||||||
Selling, general and administrative expenses
|
456,521 | 467,325 | 1,369,431 | 1,422,835 | ||||||||||||
Depreciation and amortization
|
27,819 | 25,804 | 84,904 | 74,748 | ||||||||||||
Restructuring, integration, and other charges
|
14,562 | 8,848 | 36,152 | 23,676 | ||||||||||||
Settlement of legal matter
|
- | - | - | 5,875 | ||||||||||||
4,798,514 | 4,977,695 | 14,462,468 | 15,273,131 | |||||||||||||
Operating income
|
163,817 | 209,162 | 539,955 | 676,660 | ||||||||||||
Equity in earnings of affiliated companies
|
2,154 | 2,179 | 5,766 | 4,800 | ||||||||||||
Gain on bargain purchase
|
- | - | - | 1,755 | ||||||||||||
Interest and other financing expense, net
|
23,956 | 25,225 | 79,643 | 77,528 | ||||||||||||
Income before income taxes
|
142,015 | 186,116 | 466,078 | 605,687 | ||||||||||||
Provision for income taxes
|
38,323 | 53,738 | 134,182 | 180,501 | ||||||||||||
Consolidated net income
|
103,692 | 132,378 | 331,896 | 425,186 | ||||||||||||
Noncontrolling interests
|
75 | 162 | 268 | 464 | ||||||||||||
Net income attributable to shareholders
|
$ | 103,617 | $ | 132,216 | $ | 331,628 | $ | 424,722 | ||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$ | .96 | $ | 1.17 | $ | 3.01 | $ | 3.70 | ||||||||
Diluted
|
$ | .94 | $ | 1.15 | $ | 2.96 | $ | 3.64 | ||||||||
Average number of shares outstanding:
|
||||||||||||||||
Basic
|
108,301 | 113,378 | 110,245 | 114,680 | ||||||||||||
Diluted
|
109,894 | 114,940 | 112,096 | 116,557 |
September 29,
|
December 31,
|
||||||
2012
|
2011
|
||||||
ASSETS
|
(unaudited)
|
||||||
Current assets:
|
|||||||
Cash and cash equivalents
|
$
|
358,550
|
$
|
396,887
|
|||
Accounts receivable, net
|
4,336,757
|
4,482,117
|
|||||
Inventories
|
2,079,446
|
1,963,910
|
|||||
Other current assets
|
189,800
|
181,677
|
|||||
Total current assets
|
6,964,553
|
7,024,591
|
|||||
Property, plant and equipment, at cost:
|
|||||||
Land
|
23,855
|
23,790
|
|||||
Buildings and improvements
|
149,226
|
147,215
|
|||||
Machinery and equipment
|
1,003,816
|
934,558
|
|||||
1,176,897
|
1,105,563
|
||||||
Less: Accumulated depreciation and amortization
|
(593,744
|
)
|
(549,334
|
)
|
|||
Property, plant and equipment, net
|
583,153
|
556,229
|
|||||
Investments in affiliated companies
|
64,232
|
60,579
|
|||||
Intangible assets, net
|
424,548
|
392,763
|
|||||
Cost in excess of net assets of companies acquired
|
1,705,811
|
1,473,333
|
|||||
Other assets
|
333,066
|
321,584
|
|||||
Total assets
|
$
|
10,075,363
|
$
|
9,829,079
|
|||
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|||||||
Accounts payable
|
$
|
3,372,036
|
$
|
3,264,088
|
|||
Accrued expenses
|
702,546
|
660,996
|
|||||
Short-term borrowings, including current portion of
long-term debt |
379,470
|
33,843
|
|||||
Total current liabilities
|
4,454,052
|
3,958,927
|
|||||
Long-term debt
|
1,561,976
|
1,927,823
|
|||||
Other liabilities
|
264,006
|
267,069
|
|||||
Equity:
|
|||||||
Shareholders' equity:
|
|||||||
Common stock, par value $1:
|
|||||||
Authorized – 160,000 shares in 2012 and 2011
|
|||||||
Issued – 125,424 and 125,382 shares in 2012 and 2011,
respectively
|
125,424
|
125,382
|
|||||
Capital in excess of par value
|
1,077,936
|
1,076,275
|
|||||
Treasury stock (18,742 and 13,568 shares in 2012 and
2011, respectively), at cost
|
(629,231
|
)
|
(434,959
|
)
|
|||
Retained earnings
|
3,104,585
|
2,772,957
|
|||||
Foreign currency translation adjustment
|
140,858
|
158,550
|
|||||
Other
|
(28,266
|
)
|
(29,393
|
)
|
|||
Total shareholders' equity
|
3,791,306
|
3,668,812
|
|||||
Noncontrolling interests
|
4,023
|
6,448
|
|||||
Total equity
|
3,795,329
|
3,675,260
|
|||||
Total liabilities and equity
|
$
|
10,075,363
|
$
|
9,829,079
|
Quarter Ended
|
||||||||
September 29,
2012
|
October 1,
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Consolidated net income
|
$ | 103,692 | $ | 132,378 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operations:
|
||||||||
Depreciation and amortization
|
27,819 | 25,804 | ||||||
Amortization of stock-based compensation
|
10,715 | 9,102 | ||||||
Equity in earnings of affiliated companies
|
(2,154 | ) | (2,179 | ) | ||||
Deferred income taxes
|
1,634 | 6 | ||||||
Restructuring, integration, and other charges
|
8,576 | 6,048 | ||||||
Excess tax benefits from stock-based compensation arrangements
|
(102 | ) | (641 | ) | ||||
Other
|
(1,443 | ) | 881 | |||||
Change in assets and liabilities, net of effects of acquired businesses:
|
||||||||
Accounts receivable
|
115,535 | 22,867 | ||||||
Inventories
|
6,298 | 4,171 | ||||||
Accounts payable
|
(77,510 | ) | (97,476 | ) | ||||
Accrued expenses
|
(32,565 | ) | (18,230 | ) | ||||
Other assets and liabilities
|
15,834 | 36,350 | ||||||
Net cash provided by operating activities
|
176,329 | 119,081 | ||||||
Cash flows from investing activities:
|
||||||||
Cash consideration paid for acquired businesses
|
(4,053 | ) | (80,993 | ) | ||||
Acquisition of property, plant and equipment
|
(26,710 | ) | (27,927 | ) | ||||
Net cash used for investing activities
|
(30,763 | ) | (108,920 | ) | ||||
Cash flows from financing activities:
|
||||||||
Change in short-term and other borrowings
|
20,372 | (1,792 | ) | |||||
Proceeds from (repayment of) long-term bank borrowings, net
|
(62,800 | ) | 304,500 | |||||
Repayment of bank term loan
|
- | (200,000 | ) | |||||
Proceeds from exercise of stock options
|
715 | 472 | ||||||
Excess tax benefits from stock-based compensation arrangements
|
102 | 641 | ||||||
Repurchases of common stock
|
(64,997 | ) | (99,941 | ) | ||||
Net cash provided by (used for) financing activities
|
(106,608 | ) | 3,880 | |||||
Effect of exchange rate changes on cash
|
(6,240 | ) | (499 | ) | ||||
Net increase in cash and cash equivalents
|
32,718 | 13,542 | ||||||
Cash and cash equivalents at beginning of period
|
325,832 | 531,024 | ||||||
Cash and cash equivalents at end of period
|
$ | 358,550 | $ | 544,566 |
Nine Months Ended
|
||||||||
September 29,
2012
|
October 1,
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Consolidated net income
|
$ | 331,896 | $ | $425,186 | ||||
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
|
||||||||
Depreciation and amortization
|
84,904 | 74,748 | ||||||
Amortization of stock-based compensation
|
24,861 | 30,280 | ||||||
Equity in earnings of affiliated companies
|
(5,766 | ) | (4,800 | ) | ||||
Deferred income taxes
|
17,966 | (478 | ) | |||||
Restructuring, integration, and other charges
|
24,419 | 16,831 | ||||||
Settlement of legal matter
|
- | 3,609 | ||||||
Excess tax benefits from stock-based compensation arrangements
|
(5,083 | ) | (7,521 | ) | ||||
Other
|
(4,340 | ) | 1,254 | |||||
Change in assets and liabilities, net of effects of acquired businesses:
|
||||||||
Accounts receivable
|
235,512 | 136,451 | ||||||
Inventories
|
(99,523 | ) | (109,633 | ) | ||||
Accounts payable
|
31,915 | (508,391 | ) | |||||
Accrued expenses
|
(107,194 | ) | (63,481 | ) | ||||
Other assets and liabilities
|
(42,284 | ) | (19,676 | ) | ||||
Net cash provided by (used for) operating activities
|
487,283 | (25,621 | ) | |||||
Cash flows from investing activities:
|
||||||||
Cash consideration paid for acquired businesses
|
(191,250 | ) | (523,330 | ) | ||||
Acquisition of property, plant and equipment
|
(75,574 | ) | (88,267 | ) | ||||
Purchase of cost method investment
|
(15,000 | ) | - | |||||
Net cash used for investing activities
|
(281,824 | ) | (611,597 | ) | ||||
Cash flows from financing activities:
|
||||||||
Change in short-term and other borrowings
|
7,795 | (8,156 | ) | |||||
Proceeds from (repayment of) long-term bank borrowings, net
|
(25,000 | ) | 597,000 | |||||
Repayment of bank term loan
|
- | (200,000 | ) | |||||
Proceeds from exercise of stock options
|
11,481 | 46,618 | ||||||
Excess tax benefits from stock-based compensation arrangements
|
5,083 | 7,521 | ||||||
Repurchases of common stock
|
(222,795 | ) | (196,802 | ) | ||||
Net cash provided by (used for) financing activities
|
(223,436 | ) | 246,181 | |||||
Effect of exchange rate changes on cash
|
(20,360 | ) | 9,282 | |||||
Net decrease in cash and cash equivalents
|
(38,337 | ) | (381,755 | ) | ||||
Cash and cash equivalents at beginning of period
|
396,887 | 926,321 | ||||||
Cash and cash equivalents at end of period
|
$ | 358,550 | $ | 544,566 |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
September 29,
2012
|
October 1,
2011
|
September 29,
2012
|
October 1,
2011
|
|||||||||||||
Sales:
|
|
|
||||||||||||||
Global components
|
$ | 3,372,117 | $ | 3,648,858 | $ | 10,175,358 | $ | 11,410,789 | ||||||||
Global ECS
|
1,590,214 | 1,537,999 | 4,827,065 | 4,539,002 | ||||||||||||
Consolidated
|
$ | 4,962,331 | $ | 5,186,857 | $ | 15,002,423 | $ | 15,949,791 | ||||||||
|
||||||||||||||||
Operating income (loss):
|
||||||||||||||||
Global components
|
$ | 155,061 | $ | 194,178 | $ | 496,293 | $ | 647,094 | ||||||||
Global ECS
|
55,273 | 53,710 | 176,721 | 156,480 | ||||||||||||
Corporate (a)
|
(46,517 | ) | (38,726 | ) | (133,059 | ) | (126,914 | ) | ||||||||
Consolidated
|
$ | 163,817 | $ | 209,162 | $ | 539,955 | $ | 676,660 |
(a)
|
Includes restructuring, integration, and other charges of $14.6 million and $36.2 million for the third quarter and first nine months of 2012 and $8.8 million and $23.7 million for the third quarter and first nine months of 2011, respectively. Also included in the first nine months of 2011 is a charge of $5.9 million related to the settlement of a legal matter.
|
P&L Highlights*
|
Q3 2012
|
Y/Y
Change
|
Y/Y Change
Pro Forma
|
Q/Q
Change
|
Sales
|
$4,962
|
-4%
|
-7%
|
-4%
|
Gross Profit Margin
|
13.4%
|
-40bps
|
-50bps
|
+10bps
|
Operating Expense/Sales
|
9.8%
|
+30bps
|
Flat
|
+30bps
|
Operating Income
|
$178.4
|
-18%
|
-20%
|
-12%
|
Operating Margin
|
3.6%
|
-60bps
|
-60bps
|
-30bps
|
Net Income
|
$112.2
|
-19%
|
-20%
|
-10%
|
Diluted EPS
|
$1.02
|
-15%
|
-16%
|
-8%
|
·
|
Third quarter sales of $5.0 billion were in line with our expectations
|
o
|
Decreased 4% year over year and sequentially
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, sales were flat year over year and declined 2% sequentially
|
·
|
Consolidated gross profit margin was 13.4%
|
o
|
Decreased 40 basis year over year primarily due to ongoing pricing pressure in global components as well as a change in mix of products
|
§
|
Increased 10 basis points sequentially
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, gross profit margins decreased by approximately 110 basis points year over year due to increased competitive pricing pressure in both the company's business segments, as well as a change in mix of products
|
·
|
Operating expenses as a percentage of sales were 9.8%
|
o
|
Increased 30 basis points year over year and sequentially
|
§
|
On an absolute dollar basis, operating expenses declined 2% year over year
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, operating expenses declined 3% year over year and were down 30 basis points as a percentage of sales
|
·
|
Operating income was $178.4 million
|
o
|
Decreased 18% year over year and 12% sequentially
|
o
|
Pro forma for acquisitions, operating income was down 20% year over year
|
·
|
Operating income as a percentage of sales was 3.6%
|
o
|
Decreased 60 basis points year over year and 30 basis points sequentially
|
o
|
Pro forma for acquisitions and the aforementioned change in revenue presentation, operating income as a percentage of sales decreased 80 basis points year over year
|
·
|
Effective tax rate for the quarter was 28.3%
|
·
|
Net income was $112.2 million
|
o
|
Decreased 19% compared with last year and 10% sequentially
|
o
|
Pro forma for acquisitions, net income was down 20% year over year
|
·
|
Earnings per share were $1.04 and $1.02 on a basic and diluted, respectively
|
o
|
Diluted EPS decreased 15% year over year and 8% sequentially
|
o
|
Pro forma for acquisitions, EPS decreased 16% year over year
|
·
|
Sales decreased 8% year over year and 2% sequentially
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, sales in global components were flat year over year and increased 2% sequentially
|
·
|
Gross margin declined 40 basis points year over year due to ongoing pricing pressure as well as a change in geographic mix and product mix
|
o
|
Sequentially, gross margin decreased 30 basis points
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, gross margin declined 150 basis points year over year due to the aforementioned ongoing pricing pressure and change in mix
|
·
|
Book to bill ended the quarter just below parity
|
o
|
In line with six-year average third-quarter level
|
·
|
Leading indicators, including lead times and cancellation rates, are in line with historical levels
|
·
|
Operating profit declined 20% year over year
|
o
|
Operating margin decreased 70 basis points year over year to 4.6%
|
o
|
Pro forma for acquisitions and the aforementioned change in revenue presentation, operating margin declined 110 basis points year over year
|
·
|
Return on working capital declined 350 basis points year over year
|
·
|
Sales decreased 1% year over year and 3% sequentially
|
o
|
Pro forma for acquisitions, sales decreased 2% year over year and 3% on a sequential basis
|
o
|
Sales slightly below normal seasonality on a sequential basis
|
§
|
Somewhat weaker overall market as well as continued cautious customers
|
·
|
The lighting vertical continues to grow faster than the market, increasing 24% year over year and declining only 2% sequentially
|
·
|
Operating income decreased 9% year over year
|
o
|
Operating margin declined 50 basis points year over year
|
o
|
We continue to generate operating margins at the high end of the targeted level in what was a more difficult environment compared to a year ago
|
·
|
Looking ahead to the fourth quarter, we expect sales in our legacy Americas components business to be slightly below normal seasonality
|
·
|
Sales declined 30% year over year and 15% sequentially
|
o
|
Pro forma for acquisitions and excluding the impact of both foreign currency and the aforementioned change in revenue presentation, sales declined 5% year over year and increased 1% sequentially
|
o
|
Sales in our core business were in line with normal seasonality despite ongoing market softness in all regions
|
·
|
Vertical market growth continues to outperform the broader market
|
o
|
Automotive and lighting increased 13% and 3% year over year, respectively
|
·
|
Operating income declined 42% year over year
|
o
|
Operating margin declined 100 basis points year over year
|
·
|
Looking ahead to the fourth quarter, we expect sales in our legacy European components business to be in line with the low end of normal seasonality
|
·
|
Sales increased 10% year over year and 12% sequentially
|
o
|
Pro forma for acquisitions, sales increased 7% year over year
|
o
|
Sales in our core Asia business were in line with normal seasonality
|
§
|
Core Asia sales increased 13% year over year
|
o
|
Ultra Source sales grew 9% year over year, marking the first year-over-year increase since the first quarter of 2010
|
·
|
Vertical market performance was also strong with mobile and transportation growing 31% and 12% year over year, respectively
|
·
|
Operating profit declined 3% year over year due to a change in product mix
|
o
|
Operating margin declined 30 basis points year over year
|
·
|
Looking ahead to the fourth quarter, we expect sales in our legacy Asia Pacific components business to be slightly below normal seasonality
|
·
|
Sales increased 3% year over year and declined 6% sequentially
|
o
|
Record third quarter revenue
|
o
|
Pro forma for acquisitions and excluding the impact of foreign currency, sales increased 2% year over year and declined 10% sequentially
|
§
|
11th consecutive quarter of year-over-year organic growth
|
·
|
Solid year-over-year growth in software (+11%) and storage (+9%)
|
o
|
Security, virtualization, and networking continue to post strong year-over-year growth, increasing 11%, 15%, and 20%, respectively
|
·
|
Gross margin decreased 10 basis points year over year driven primarily by product mix
|
o
|
Gross margin increased 60 basis points on a sequential basis driven by strength in unified communications margins
|
·
|
Operating income increased 3% year over year
|
o
|
Operating margin was flat year over year at 3.5%
|
·
|
Return on working capital continues to excel
|
·
|
Sales increased 1% year over year and declined 8% sequentially
|
o
|
Sales in our core value-added distribution business in line with expectations in a seasonally slow quarter
|
·
|
Robust double-digit year-over-year growth in software (+21%) and storage (+12%)
|
o
|
Networking grew 39%, infrastructure grew 26%, and security grew 24% year over year
|
·
|
Operating income grew 1% year over year
|
o
|
Operating margin was flat year over year and remains within our long-term target range
|
·
|
Looking ahead to the fourth quarter, we expect sales in our legacy Americas value-added computing solutions business to be in line with the low end of normal seasonality
|
·
|
Sales increased 10% year over year and decreased 3% sequentially
|
o
|
Pro forma for acquisitions and excluding the impact of foreign currency, sales increased 4% year over year and declined 14% sequentially
|
o
|
Strength in the UK and Nordic region
|
·
|
Organic sales growth was in line with normal seasonality on a sequential basis
|
o
|
Double-digit year-over-year growth in the UK and Nordic region
|
o
|
Year-over-year growth driven by software (+4%) and proprietary servers (+2%)
|
·
|
Operating profit increased 74% year over year
|
o
|
Operating income grew substantially faster than sales year over year
|
o
|
Operating margin increased 20 basis points year over year
|
·
|
Looking ahead to the fourth quarter, we expect sales in our legacy European value-added computing solutions business to be in line with normal seasonality
|
·
|
Cash Flow from Operations
|
·
|
Working Capital
|
·
|
Return on Invested Capital
|
·
|
Share Buyback
|
·
|
Debt and Liquidity
|
Fourth-Quarter 2012 Guidance
|
|
Consolidated Sales
|
$5.1 billion to $5.5 billion
|
Global Components
|
$3.0 billion to $3.2 billion
|
Global ECS
|
$2.1 billion to $2.3 billion
|
Diluted Earnings per Share*
|
$1.01 to $1.13
|
Global Components
|
NAC
|
EMEA ex FX
|
AAP
|
Q1
|
-2% to +4%
|
+13% to +19%
|
-1% to +5%
|
Q2
|
-3% to +3%
|
-5% to -11%
|
+4% to +10%
|
Q3
|
-2% to +4%
|
-5% to +1%
|
+3% to +9%
|
Q4
|
-4% to +2%
|
-3% to -9%
|
-1% to -7%
|
Global ECS
|
NA
|
EMEA ex FX
|
Q1
|
-28% to -34%
|
-21% to -27%
|
Q2
|
+20% to +26%
|
+1% to +7%
|
Q3
|
-2% to -8%
|
-12% to -18%
|
Q4
|
+28% to +34%
|
+59% to +65%
|
Q3 2012 | Q2 2012 | Q3 2011 | ||||||||||
Operating income, as Reported
|
$ | 163,817 | $ | 188,689 | $ | 209,162 | ||||||
Restructuring, integration, and other charges
|
14,562 | 13,347 | 8,848 | |||||||||
Operating income, as Adjusted
|
$ | 178,379 | $ | 202,036 | $ | 218,010 | ||||||
Net income attributable to shareholders, as Reported
|
$ | 103,617 | $ | 114,383 | $ | 132,216 | ||||||
Restructuring, integration, and other charges
|
8,576 | 9,702 | 6,048 | |||||||||
Net income attributable to shareholders, as Adjusted
|
$ | 112,193 | $ | 124,085 | $ | 138,264 | ||||||
Diluted EPS, as Reported
|
$ | 0.94 | $ | 1.02 | $ | 1.15 | ||||||
Restructuring, integration, and other charges
|
0.08 | 0.09 | 0.05 | |||||||||
Diluted EPS, as Adjusted
|
$ | 1.02 | $ | 1.11 | $ | 1.20 |
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