6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Avnet, Inc. (NYSE: AVT), Phoenix, AZ, reported sales for the fourth quarter ended June 30 were $6.3 billion, down 8.8 percent from the same period a year ago. Profit was $133.4 million, compared to $238.8 a year ago.
Download a Free Chapter:
The Little Black Book of Strategic Planning for Distributors
Submit your email address below to receive a chapter of Brent Grover's new book. When you submit your email you will be signed up to receive weekly distribution news updates.
For the full fiscal year, sales were $25.7 billion, a year-over-year decrease of 3.1 percent. Profit declined 15.3 percent to $567 million.
"Our fiscal 2012 results reflect the impact of both a components supply chain correction that occurred in the earlier part of the year followed by slowing global economic growth during the latter part of the year," CEO Rick Hamada said. "...The market for electronic components was negatively impacted by the post-recovery inventory correction while IT spending growth contracted as global GDP growth rates slowed."
Avnet Electronics Marketing segment sales fell 5 percent in the fourth quarter to $3.8 billion. Sales in the Americas grew 8.9 percent, while sales in EMEA and Asia declined 21.4 percent and 2.3 percent, respectively.
Avnet Technology Solutions segment sales fell 13.8 percent in the quarter to $2.5 billion. Sales declined in all three regions. Sales fell 12.3 percent in the Americas, 22.9 percent in EMEA and 1.8 percent in Asia.