Avnet 1Q Sales Down 6.1%, but Net Profit Improves - Modern Distribution Management

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Avnet 1Q Sales Down 6.1%, but Net Profit Improves

On a constant currency basis, sales decreased 7.8% year-over-year and decreased 2.9% sequentially, Avnet said in a news release.

On Nov. 1, Phoenix-based electronic components distributor Avnet announced its fiscal 2024 first-quarter earnings report, which showed sales of $6.3 billion, a decrease of 6.1% during the same quarter last year.

On a constant currency basis, sales decreased 7.8% year-over-year and decreased 2.9% sequentially, Avnet said in a news release.

“We delivered better-than-expected results in the first quarter thanks to the strong performance of our Electronic Components business,” said Avnet CEO Phil Gallagher. “ Our team’s continued execution and flexibility are resonating with both our customer and supplier partners, especially in today’s market conditions. We remain focused on the things we can control, and are confident that our resiliency and adaptability will keep us on our path to driving profitable growth and value for all of our stakeholders in the long term.”

Avnet ranks No. 2 among electrical distributors on MDM’s 2023 Top Distributors Lists.

During 1Q, Avnet reported an operating income margin of 4.0%, a decrease of 29 basis points year-over-year.

However, net income grew from $323,000 during last year’s 1Q to $5.96 million during fiscal 1Q 2024.

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