Arrow Electronics, Inc. - ARW STOCK NEWS

Arrow Electronics has joined the Businesses for Environmental Excellence (BEE) Sustainable Partners Program, a coalition created by the Butterfly Pavilion to protect Colorado's native pollinators. The program aims to restore or conserve 300 acres of habitat in eight Colorado municipalities this year, safeguarding butterflies, bees, beetles, and other important insects.

As part of the initiative, BEE member companies will receive expert speakers from the Butterfly Pavilion to educate employees about pollinator importance. Employees will also have opportunities to work in the Pavilion's Discovery Gardens and help restore local pollinator habitats. The Butterfly Pavilion, located in Westminster, Colorado, focuses on invertebrate appreciation, habitat protection, and conservation research.

Arrow Electronics has unveiled an AI-powered steering system for its SAM (Semi-Autonomous Mobility) Car, featuring NVIDIA's advanced Jetson AGX Orin module. This new system utilizes facial recognition to control the car via head motions, offering high accuracy and low latency, essential for speeds up to 213 mph. Quadriplegic racecar driver Sam Schmidt showcased the system's capabilities by driving competitively using head movements. The technology holds potential for broader applications, such as controlling vehicles and heavy machinery in various industries, thereby enabling multitasking for operators with physical disabilities.

Arrow Electronics and Bourns announced a strategic partnership aimed at advancing high-power solutions important for electrification and sustainability initiatives. This collaboration will utilize Bourns' expertise in customized magnetic components and Arrow's newly established High-Power Centre of Excellence in the UK. The partnership targets various net-zero projects, including electric vehicles, renewable energy, and grid infrastructure, by developing high-power designs enhanced by Silicon Carbide (SiC) MOSFETs, Gallium Nitride (GaN), and Pseudomorphic High-Electron-Mobility Transistors (pHEMTs). Challenges such as functional safety, PCB layout, and testing equipment will be addressed, accelerating and de-risking design cycles for customers globally.

Arrow Electronics has been honored with Rubrik's 2024 Global Partner Award for Distribution Partner of the Year. This accolade recognizes Arrow's exceptional performance in delivering Rubrik's data security solutions globally. The announcement was made during the Partner Forum at Rubrik Forward, a significant event where industry leaders discuss data security and cyber resilience. Eric Nowak, Arrow's global president of enterprise computing solutions, acknowledged the importance of this collaboration in enhancing data security against cyber threats. Ghazal Asif, Rubrik's VP of Global Channels & Alliances, celebrated the partnership, emphasizing their shared goal of improving cyber resilience worldwide.

Arrow Electronics has entered a strategic distribution agreement with SiMa.ai, a company specializing in embedded edge machine learning systems. This partnership will enable Arrow to distribute SiMa.ai's products, including the MLSoC (Machine Learning System on Chip) and Palette Software, across the EMEA region. The MLSoC platform supports various AI/ML workloads, delivering high performance and efficiency.

This collaboration aims to address the growing demand for AI solutions in sectors like industrial manufacturing, retail, aerospace, defense, agriculture, and healthcare. Arrow will showcase SiMa.ai's offerings at Hardware Pioneers Max in London on 28-29 May 2024 and will participate in a talk on accelerating vision pipelines in AI on 29 May 2024.

Prospective customers can learn more through an Arrow webinar featuring SiMa.ai on 10 June 2024 or book an AI consultation with Arrow experts.

Arrow Electronics (NYSE: ARW) announced it will present at the Stifel Cross Sector Insight Conference on June 4, 2024, in Boston. The company, which reported $33 billion in sales for 2023, will have its management present at 10:55 a.m. ET. Management will also be available for one-on-one meetings with investors. The presentation can be accessed via webcast on the Arrow Electronics investor page. Arrow Electronics supports innovation for leading technology manufacturers and service providers globally.

Arrow Electronics has partnered with Resideo Technologies to integrate smart home technologies into Habitat for Humanity's new Mountain View Community in Aurora, CO. This initiative aims to provide affordable, energy-efficient, and secure housing for new homeowners. The project includes smart thermostats, air treatment systems, security cameras, and water leak detection systems, all designed to operate without increasing construction costs or adding expenses for residents. The Mountain View Community will feature 20 homes and is set to welcome homeowners by early 2025.

Arrow Electronics has partnered with the Colorado Rockies to support Denver-area youth during the 2024 Major League Baseball season. They honored the nonprofit A Precious Child, with Arrow employees volunteering and providing support through various initiatives. Additionally, Arrow participated in the Colorado Rockies 13th Annual STEM Day, showcasing their SAM Car and promoting STEM learning opportunities globally.

Arrow Electronics, Inc. (NYSE: ARW) reported sales of $6.9 billion in line with guidance for the first quarter of 2024. First-quarter earnings per diluted share were $1.53, with non-GAAP earnings per diluted share at $2.41. Sales decreased by 21% year over year, with global components and enterprise computing solutions experiencing declines. The company generated $403 million in cash flow from operations and repurchased approximately $100 million of shares. The second-quarter outlook includes consolidated sales of $6.20 billion to $6.80 billion and net income per share on a diluted basis of $1.65 to $1.85.