Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We will go first to Jim Suva with Citi.
Jim Suva - Citigroup
Great. Thanks very much, a question on the profitability. If I do the math backwards, it looks like operating margins are going to be approximately 2.3% for the June quarter. That would be about the lowest profitability that Arrow has had since 2002. Can you confirm if my math is right on that?
And then secondarily, it seems like September I know we don't want to guide too far ahead, but September very, very rarely is up and accordingly I can't help but thinking are we looking that June may not even be the low for Arrow's profitability even considering the cost cutting those?
Paul Reilly
Hey Jim, it's Paul. First starting with the operating income percent; you are in the neighborhood of where operating income percent could be in the second quarter. The thing that we need to keep in mind is that the business, the mix of the business has changed which impacts comparability when you go back to earlier parts of this decade.
So we have as bigger and larger more robust Asia Pac business. And we also now have a European computer products business which also has a lower operating income percent which we didn't have earlier in this decade. And finally with that said we also now have the European investment which we know can pay off in long-term. So, when you make that comparison as you might be doing to the earlier parts of this decade, you need to factor those things in.
I would point out, even with that lower operating income percent we have higher returns on working capital and higher returns on invested capitals than the period of time you're referring to. So, while we recognized operating income percentage coming down, we are driving more cash and better investment returns.
As it relates to Q3, it's tough really to call because visibility is so limited, but one thing we've always said is that cyclicality out ways seasonality. So if there was to be a broad recovery in the world's economies it could be very different. If it was too worsen, it could be different also. So hope that answers your question.
Jim Suva - Citigroup
Yeah, thanks. Thank you very much.
Operator
We'll go next to Brian Alexander with Raymond James.
Brian Alexander - Raymond James
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