MELVILLE, NY -- Arrow Electronics reported fourth-quarter net income fell 62% year-over-year to $43.2 million on a 7.5% drop in revenue to $4.09 billion.

Excluding the company's acquisition of Logix, revenue would have falled 12%.

The company guided for first-quarter revenue of $3 billion to $3.6 billion.

In a statement, chairman and chief executive William E. Mitchell said, "We expect the marketplace to continue to be unsettled and that visibility will remain limited most likely through 2009."