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Avnet Posts 26% Organic Growth in 1Q

Avnet, Inc. (NYSE: AVT), Phoenix, AZ, reported sales for the first quarter ended Oct. 2, 2010, were $6.18 billion, an increase of 42 percent over the same period a year ago. Organic revenues increased 26.4 percent.

Profit was $138.2 million, compared to $50.9 million for fiscal year 2010 first quarter.

"We accelerated our start to the new fiscal year by completing three acquisitions in July that should add approximately $4 billion to our annual revenue and produce a return on capital employed of at least 12.5 percent when the integrations are completed," CEO Roy Vallee said. "In addition to the financial benefits, the integrations of Bell Micro, Tallard Technologies and Unidux are enhancing our competitive position in key technologies, expanding our presence in higher growth geographies and increasing our global scale and scope advantages."

Electronics Marketing segment sales were $3.62 billion, up 48.5 percent over first quarter a year ago. Excluding the impact of foreign currency exchange, sales increased 52.1 percent. Operating income for the segment was $192.1 million.

Technology Solutions segment sales totaled $2.56 billion, an increase of 33.6 percent over the same period a year ago. In constant currency, sales were up 36.4 percent. Segment operating income was $56.7 million.

Avnet is a distributor of electronic components, computer products and embedded technology.

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