Avnet Sales Surge In Q1

Avnet Q1 sales grew 20.9% year on year from $5.6 billion to $6.8 billion. Compared to the previous quarter to June, sales were up 5.9%.

Electronic component sales rose 23.3% year on year to $6.3 billion, and were up 6.6% on the previous quarter.

Farnell sales fell 6.4% year on year to $429.5 million, and were down 3.7% on the previous quarter.

Sales in the Americas set the standard growing 33.4% to $1.68 billion year on year and edged ahead 3.7% quarter on quarter.  EMEA sales jumped 21.9% to $2.12 million year on year, and increased 3.3% quarter on quarter. Asia sales advanced 14.1% year on year to $2.94 billion and 9.3% sequentially.

Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “Our first quarter saw meaningful sales growth across all regions as demand in most of our end markets continued to be strong. By delivering another quarter of solid sales and improved profitability, our team has once again demonstrated their ability to consistently execute given challenging business conditions. Although we can’t control the overall market, we are confident we can continue to deliver value to our supplier and customer partners despite uncertain market conditions.”

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