Arrow Electronics, Inc. (NYSE:ARW) Q1 2022 Earnings Conference Call May 5, 2022 1:00 PM ET

Company Participants

Rick Seidlitz - Principal Financial Officer

Mike Long - Chairman, President, and CEO

Sean Kerins - COO

Conference Call Participants

Toshiya Hari - Goldman Sachs & Company

Joe Quatrochi - Wells Fargo

Matt Sheerin - Stifel

Ruplu Bhattacharya - Bank of America

William Stein - Truist Securities

Nikolay Todorov - Longbow Research

Jim Suva - Citigroup

Operator

Good day and thank you for standing by. Welcome to the Arrow Electronics First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions]

I would now like to hand the conference call over to your first speaker today, Rick Seidlitz, Principal Financial Officer. Please go ahead.

Rick Seidlitz

Thank you Patricia. Good day and welcome to the Arrow Electronics first quarter 2022 earnings conference call.

With us on the call today are Mike Long, Chairman, President, and Chief Executive Officer; Sean Kerins, Chief Operating Officer; and [Indiscernible] Interim Principal Financial Officer.

During this call, we’ll make forward-looking statements, including statements about our business outlook, strategies and future financial results, which are based on our predictions and expectations as of today. Our actual results could differ materially due to a number of risks and uncertainties, including the risk factors in our most recent 10-K and 10-Q filings with the SEC. We undertake no obligation to update publicly or revise any of the forward-looking statements.

As a reminder, some of the figures we will discuss on today’s call are non-GAAP. We have reconciled those with the most directly comparable GAAP figures measures in our earnings release. These non-GAAP measures are not intended to be a substitute for our GAAP results. You can access our earnings release at investor.arrow.com, along with the CFO commentary, the non-GAAP earnings reconciliation and a replay of this call. We will begin with a few minutes of prepared remarks, which will then be followed by a question-and-answer period.

I’ll now hand the call to our Chairman, President and CEO, Mike Long.

Mike Long

Thanks, Rick and thanks to all of you for joining us today. For the first quarter we built on the record performance we delivered in 2021. We thought continuation of a strong demand conditions from last year. As a result, demand for electronic components and associated design, engineering and supply chain services remained high. This led to record sales in the first quarter, exceeding the top end of our expectations. In addition, our record gross profit and earnings per share for the quarter were driven by strong execution in the face of fear supply chain demand and balance.