Avnet Q2 sales fall 7.6%

Avnet has reported Q2 sales of $6.2 billion, down 7.6% year on year from $6.7 billion. Sequentially sales dropped 2.1%.

Farnell sales $393 million, a decline of 3.7% year on year and 6.8% sequentially.

Electronic component sales fell in all three geographic regions.

EMEA sales dipped 6.3% to $2.1 billion year on year and 8.4% sequentially.

The Americas posted revenues of $1.59 billion, a fall of 5.5% year on year.

In Asia/Pacific sales drooped 10% year on year to $2.5 billion from $ 2.78 billion.

Operating income margin of 3.8%, compared with 4.5% in the prior year quarter. Electronic Components operating income margin of 4.3%, and Farnell operating income margin came in at 4.0%.

Avnet Chief Executive Officer Phil Gallagher commented, “We are pleased with the second quarter results, which were in line with our expectations. Our team continues to execute well despite the current economic environment and related challenges. We are confident that our strong competitive position and experience managing through many industry cycles will serve us well as we navigate through the next few quarters. We remain encouraged about future opportunities for growth across our end markets.”

 

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source https://distributor.electronicspecifier.com/avnet-q2-sales-fall-7-6/