Electronics distributor Avnet (NYSE:AVT), Phoenix, AZ, reported sales for its first quarter fiscal 2018 (ended Sept. 30, 2017) of $4.7 billion, up 13.2 percent from the prior-year period.
Organic sales were up 3.6 percent. Profit for the quarter was $58.3 million, down from $68.8 million in the prior year.
Revenue strength was driven by EMEA and Asia regions, with 14.3 percent and 10 percent growth respectively. Organic growth in the Americas region was down 14.5 percent, however, driven in part by supplier channel changes. The remainder of the decline was attributed to the cumulative impact of the ERP implementation.
