Both GAAP and non-GAAP earnings per share in the second quarter of 2024 include a $0.29 benefit and a $20 million operating income benefit related to the collection of certain aged receivables related to one customer in the ECS segment. In the second quarter of 2024, sales decreased 19 percent year over year. Changes in foreign currencies had a negative impact on growth of approximately $52.2 million on sales and $0.05 on earnings per share on a diluted basis compared to the second quarter of 2023.

Global Components

“Across many of the segments in which we compete, we’re seeing signs of incremental improvement in leading indicators, with book-to-bill ratios advancing across all regions and bookings growing sequentially. Though the automotive and broader industrial markets are still experiencing softness, we now believe we’re in the later stages of the industry’s cyclical correction,” said Mr. Kerins.

Global Components
		Quarter Ended						Six Months Ended
		June 29,			July 1,			June 29,			July 1,
(in millions)		2024			2023			2024			2023
Global components sales		$	5,032		$	6,683		$	10,223		$	13,539
Global components operating income, as reported			210			381			436			799
Global components non-GAAP operating income			218			388			461			812

In the second quarter of 2024, global components sales decreased 25 percent year over year. Americas components second-quarter sales decreased 24 percent year over year. EMEA components second-quarter sales decreased 33 percent year over year and decreased 32 percent year over year on a constant currency basis. Asia-Pacific components second-quarter sales decreased 18 percent year over year and decreased 17 percent year over year on a constant currency basis.

Global Enterprise Computing Solutions

“Our enterprise computing solutions business delivered year-over-year billings growth as we continued to capitalize on the market’s transition to IT as a service. We benefited from another solid quarter in EMEA along with improving activity levels in North America,” said Mr. Kerins.

Global Enterprise Computing Solutions (ECS)
		Quarter Ended						Six Months Ended
		June 29,			July 1,			June 29,			July 1,
(in millions)		2024			2023			2024			2023
Global ECS sales		$	1,861		$	1,832		$	3,594		$	3,712
Global ECS operating income, as reported			103			86			174			167
Global ECS non-GAAP operating income			104			87			176			170

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