Avnet 1Q Sales Grow

The company’s 2022 fiscal 1Q sales were $5.6 billion, up more than $400 million from the previous quarter and 18.2% year over year.
Avnet, Inc. on Aug. 10 reported 2022 fiscal-year sales of $24.3 billion, a 24.5% increase over the prior year.

Avnet Inc. (Nasdaq: AVT) of Phoenix reported 2022 fiscal first-quarter sales of $5.6 billion, topping the previous quarter by about $400 million.

The first-quarter sales were an 18.2% increase over the fiscal first quarter in 2021.

Avnet ranks No. 2 on MDM’s Top Distributors list for electronics distributors, with $17.6 billion in 2020 revenue.

“Building upon our solid performance in fiscal 2021, we were pleased to start off fiscal 2022 with a strong first quarter,” Avnet CEO Phil Gallagher said. “We delivered another consecutive quarter of record sales in both our Electronic Components and Farnell businesses and reached our respective short-term operating margin targets of 3% and 10%. We are continuing to strengthen Avnet’s position through driving execution and accelerating the growth of our higher margin Farnell business, while also working closely with our supplier partners to balance supply and demand across the supply chain. We expect the current market environment to extend well into calendar year 2022 and will continue to help our customers navigate component availability challenges by serving as a vital link at the center of the technology supply chain. As we look ahead to the next quarter, we expect to benefit from continued operating improvements to our business and strong market demand to deliver results in line with our fiscal first quarter performance.”

Related Posts

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.