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Avnet Sales Fall 8.8% in 4Q

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.

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.

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