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Avnet Sales Up 10.8% in Fiscal 2Q14

Avnet Inc., Phoenix, AZ, sales for its fiscal 2014 second quarter ended Dec. 28, 2013, were up 10.8 percent year-over-year to sales of $7.4 billion.

Organic sales grew 8.2 percent.

Profit was $124.9 million.

Growth was driven by strong demand for IT infrastructure in the Americas region and continued growth in electronic component sales, due to better than expected growth in certain high-volume fulfillment business in Asia.

Avnet Electronics Marketing’s sales were $4.15 billion, an increase of 13.1 percent year-over-year.

Avnet Electronics Marketing’s organic revenue grew by 11.9 percent year-over-year. Operating income margin of 4.1% increased 24 basis points from the year ago quarter primarily due to improvements in the Americas and Asia regions.

Avnet Technology Solutions sales were up 8 percent year-over-year to $3.3 billion, and organic sales increased 3.8 percent.

At a product level, software, storage and services grew over 30 percent sequentially while software and storage drove the year-over-year growth


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