Avnet Sales Climb 27.4 % In Q2

Avnet sales grew 27.4% year on year to $5.9 billion in Q2. Farnell turned in sales of $441 million, up 35.3% year on year.

Margins at Farnell increased 276 basis points to 13.7 % sequentially.

Electronic Components operating margins increased 31 basis points sequentially to 3.5 %.

In EMEA sales swelled 36.7 % year on year and 5.3% sequentially to $1.84 billion. The Americas were the star turn for Avnet in Q2. Revenues rose 10.6 % sequentially to $1.4 billion, and 26.3 % year on year.

Asia-Pacific sales advanced 18.6 % year on year and 2.1 % sequentially to $2.63 billion.

Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher (pictured) stated, “We’re pleased to have delivered another quarter of strong sales and margin expansion in both our Electronic Components and Farnell businesses, contributing to a solid first half to our fiscal year 2022. Our results reflect our team’s continued ability to execute, driving operating strength and organic growth across all regions, with a notable performance in the Americas. As we progress through the second half of fiscal year 2022, we expect to continue to benefit from the favourable demand environment as well as from our investments in e-commerce and in expanding customer relationships.”

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source https://distributor.electronicspecifier.com/avnet-sales-climb-27-4-in-q2/