Avnet Fiscal 2Q Sales Up - Modern Distribution Management

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Avnet Fiscal 2Q Sales Up

The company’s 2022 fiscal second-quarter sales were $5.9 billion, up from $4.7 billion the year before and ‘exceeding guidance.’
Avnet, Inc. on Aug. 10 reported 2022 fiscal-year sales of $24.3 billion, a 24.5% increase over the prior year.

Phoenix-based Avnet, Inc. (Nasdaq: AVT) reported 2022 fiscal second-quarter sales of $5.9 billion, a 25.6% increase over the same period in 2021.

Sales for fiscal 2Q last year were $4.7 billion.

The electronic components distributor’s most recent fiscal quarter ended Jan. 1.

In fiscal 2022 2Q, Farnell operating margins increased 276 basis points sequentially to 13.7%, while Electronic Components operating margins increased 31 basis points sequentially to 3.5%, supported by growth across all regions, Avnet said.

The company also returned $23.7 million to shareholders in dividends, with the dividend payout increasing 14% year over year.

“We’re pleased to have delivered another quarter of strong sales and margin expansion in both our Electronic Components and Farnell businesses, contributing to a solid first half to our fiscal year 2022,” Avnet Chief Executive Officer Phil Gallagher said. “Our results reflect our team’s continued ability to execute, driving operating strength and organic growth across all regions, with a notable performance in the Americas. As we progress through the second half of fiscal year 2022, we expect to continue to benefit from the favorable demand environment as well as from our investments in e-commerce and in expanding customer relationships.”

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