Arrow Electronics reports $60.3M year-over-year profit in 1Q

Arrow Electronics Inc., Melville, electronics distributor

Quarter 1: Ended April 3

Net income: Profit of $87 million, compared with profit of $26.7 million in the same period last year.

Net revenue: $4.24 billion compared with $3.42 billion in the year-ago quarter.

Outlook: Chairman and president Michael J. Long said: "The positive momentum we built during the fourth quarter of 2009 has accelerated into 2010 driving us to a first quarter record level of sales. Our very strong results exceeded our expectations for both sales and earnings per share."

Company statement: "We experienced excellent growth across all of our components regions, which resulted in significant year-over-year increases in sales, profitability, and returns."