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Avnet, Inc. (NYSE: AVT), Phoenix, AZ, reported sales for the first quarter of fiscal year 2013 ended Sept. 29, 2012, of $5.9 billion, a decrease of 8.7 percent from the same period a year ago. Profit decreased 27.9 percent to $100.3 million.
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Avnet Electronics Marketing segment sales fell 4.3 percent to $3.7 billion. Technology Solutions segment sales were $2.2 billion, a 15 percent decline.
“Our Americas region, where pro forma sales declined 14 percent both sequentially and year-over-year, came in below expectations at both operating groups. Our EMEA region experienced a fifth consecutive quarter of year-over-year revenue decline,” Rick Hamada, CEO, said.
“In response to these developments, coupled with the previously announced activities initiated in response to our fourth quarter fiscal 2012 results, we have now completed $90 million of cost reductions that will positively impact the December 2012 quarter […] While there are still many factors that could impact future demand trends, our top priority will be to restore our operating margins," he said.