Avnet 1Q Sales Dip 3.1%

By MDM Staff

October 29, 2009

More about: Electrical/Electronics

Profit for the electronics distributor fell 43.6% year-over-year.

Avnet, Inc. (NYSE:AVT), Phoenix, AZ, reported sales for the first quarter ended Oct. 3, 2009, were $4.36 billion, a decrease of 3.1% over the first quarter fiscal 2009. Profit was down 43.6% to $50.9 million.

"While the impact of the global economic slowdown remained evident in our year-over-year revenue decline, our better than expected sequential growth rates provides additional confidence that the business environment is improving," CEO Roy Vallee said. "Both operating groups delivered revenue growth at a rate that was above normal seasonality, even excluding the estimated $400 million beneficial impact of the extra week in this fiscal period."

Electronics Marketing (EM) sales of $2.44 billion for the first quarter fiscal 2010 were down 9.8% year over year on a reported basis. EM sales in the Americas and EMEA regions decreased 20.5% and 10.6%, respectively. EM sales in Asia increased 3.0%.

Technology Solutions (TS) sales of $1.92 billion for the first quarter fiscal 2010 were up 6.9% year over year. First quarter sales in the Americas and Asia regions were up 9.2% and 71.4%, respectively, while the EMEA region was down 9.0%.

Market Data for Dozens
of Product Groups

Not a subscriber? Order market analyses by pay-per-view. Also available in the MDM Databank: housing starts, industrial production, wholesale trade revenues, Producer Price Index and much more, posted monthly!

Benchmark Your
Work Force Plans

Now Available: If you missed the recent MDM Webcast on Managing Talent for the Recovery, order the transcript today for just $39.95. Go to the MDM Store.