Avnet Posts Record Q4 Sales

Avnet has posted Q4 sales of $5.2billion, up 21.5% year on year. Electronic components sales hit a Q4 record of $4.8 billion, up 23.7% year on year.

At Farnell sales were a record  $441.4 million, a rise of 8.3% year on year.

Avnet Chief Executive Officer Phil Gallagher (pictured) stated, “In the fourth quarter, we delivered strong sales growth with record sales in our Electronic Components business and at Farnell, driving operating margin improvement approaching our 3% and 10% near-term targets, respectively. We remain well-positioned across all operating regions and are continuing to capitalise on the strong demand environment to capture additional market opportunities. Avnet’s role at the centre of the technology supply chain continues to be more vital than ever. As a result, our focus on providing trusted support to our customers and suppliers is driving robust financial performance which is demonstrated in our results.”

Leading the way for Avnet were the Asia and EMEA regions. Sales in Asia soared 37.7% year on year to $2.3 billion. In EMEA sales climbed 29.3% to $1.7 billion. In the Americas sales edged up 3.9 % to $.1.19 billion.

Through the quarter Avnet has invested in sales and engineering personnel.

Demand creation numbers were at record levels in our fiscal year 2021,” added Gallagher. “We also continue to invest in the digitisation of our business across both Avnet and Farnell, allowing for support across the entire customer product life cycle.”

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