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Avnet 3Q Sales Decline 16.3%

Avnet, Inc., Tempe, AZ, reported sales of $3.7 billion for the third quarter fiscal 2009 ended March 28, 2009, a decrease of 16.3% over the prior year period. Organic sales were down 22.3%.
Profit declined 83.2% to $18 million. Excluding charges related to restructuring, integration and other special items, profit fell 58.2% to $44.8 million.
Electronics Marketing sales fell 20.1% year over year to $2.1 billion, with declines occurring in all geographic regions.
Technology Solutions sales of $1.60 billion were down 10.8% from the prior year period. While still down, sales in this segment appear to have stabilized, CEO Roy Vallee said.

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