Avnet is off to a fast start in its new financial year. Q1 sales of $5.6 billion are up from $5.2 billion in the prior quarter and grew 17.5 % year over year.
EMEA sales grew 18 % year on year and 0.6 % sequentially to $1.57 billion.
Asia/Pacific was the first quarter powerhouse. Revenues leapt 26.6 % to $2.6 billion year on year and 12.3 % sequentially. Revenues in the Americas rose 4.4 % year on year to $1.26 billion.
Farnell sales rocketed 33 % to $455 million from $341 million last year. Sequentially sales were up 3.1 %. Margins at Farnell grew 263 basis points to 10.9%
Avnet Chief Executive Officer Phil Gallagher commented, “Building upon our solid performance in fiscal 2021, we were pleased to start off fiscal 2022 with a strong first quarter. We delivered another consecutive quarter of record sales in both our Electronic Components and Farnell businesses and reached our respective short-term operating margin targets of 3% and 10%. We are continuing to strengthen Avnet’s position through driving execution and accelerating the growth of our higher margin Farnell business, while also working closely with our supplier partners to balance supply and demand across the supply chain.”
He continued, “We expect the current market environment to extend well into calendar year 2022 and will continue to help our customers navigate component availability challenges by serving as a vital link at the centre of the technology supply chain. As we look ahead to the next quarter, we expect to benefit from continued operating improvements to our business and strong market demand to deliver results in line with our fiscal first quarter performance.”
The post Avnet Sales Soar 17.5 % In Q1 appeared first on Disti Blog.
source https://distributor.electronicspecifier.com/avnet-sales-soar-17-5-in-q1/
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