Arrow Electronics (NYSE: ARW), the largest distributor of electronic components and computer products, said it will easily beat Wall Street estimates for its first quarter ending March 31.
The company, based Melville, NY, said it expects to report earnings "close to double" the 30 cents a share reported a year ago. First Call consensus called for a profit of 50 cents a share. Arrow said it will top estimates by 15 percent to 20 percent and report sales topping $2.6 billion.
"The cyclical recovery is continuing, and it is not unexpected to see this kind of strength at this phase of the cycle,'' said Stephen P. Kaufman, CEO of Arrow, in a statement.
Arrow has been on a tear of late due to increased demand. The company competes with Avnet (NYSE: AVT) and Wyle Electronics, a subsidiary of Veba AG (NYSE: VEB).
Solid fourth quarter results boosted shares last month and three brokerage firms raised their ratings and estimates on the company.
Arrow, which closed at 32 1/8 Monday, is hovering near its 52-week high.>