Avnet Sales Down 9.7% in Fiscal 2020
Fourth quarter sales down 7.5% year-over-year for electronics distribution giant Avnet.
Fourth quarter sales down 7.5% year-over-year for electronics distribution giant Avnet.
The company also reported a third-quarter loss of $6.7 million, compared with a $31 million profit in the year-ago period.
But industrial distributor also sees headcount continue to decline and the number of “selling personnel” is down nearly 10% compared to the same time last year.
Aaron H. Ravenscroft named president and CEO of crane manufacturer, effective immediately; he replaces Barry L. Pennypacker.
Net income for DXP Enterprises was $2.1 million, compared to $13.4 million in the year-ago period.
The company reported daily sales also up 2.6% versus a year ago based on strength in safety (38% growth).