Avnet's Q3 Sales Rise 6.1%

25 April 2014

Distributor Avnet Electronics increased sales 6.1 percent to $6.7 billion in its fiscal 2014 third quarter compared to the third quarter of 2013, the company announced.

Avnet's gross profit martin in the quarter was 12 percent and was essentially flat with the year-ago quarter. The distributor's adjusted operating income increased 9.9 percent to $223.8 million, while its adjusted net income rose 9.6 percent to $144.1 million, the company said.

Avnet Electronics Marketing's (EM) business totaled $4.13 billion, up 8.8 percent from the same quarter one year ago.

"EM delivered another quarter of meaningful progress toward its financial targets as both margins and returns expanded year over year for a third consecutive quarter," said Avnet CEO Rick Hamada. Revenue was driven by strong growth in the EMEA and Asia regions.

Avnet Technology Solutions' sales increased 2 percent to $2.55 billion, the company said.

Avnet's enterprise results reflect a third consecutive quarter of year-over-year organic growth, said Hamada. Overall growth was "somewhat offset by lower than expected revenue in our Technology Solutions business, despite the strong performance in the December quarter," he said.

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