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Electronics distributor Avnet Inc., Phoenix, AZ, reported sales for the second quarter fiscal 2012 ended Dec. 31, 2011, were $6.69 billion, down 1.1 percent from the prior-year period. Profit $147 million.
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For the first half of fiscal 2012, sales were $13.1 billion, up slightly from $12.9 billion in the year-ago period.
Rick Hamada, CEO, said: "While the macro environment presented some top-line challenges, our team did a good job adjusting to market conditions and delivered another strong quarter with improvements across many parts of our business. Improved profitability at TS, higher prices for hard disk drives and a lower ... With EM expected to return to more normalized seasonal growth in the March quarter and an outlook for continued investments in IT data centers, we remain confident we can continue to grow earnings organically and supplement that growth with investments in value-creating M&A and our share repurchase program."
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