Avnet Fiscal 3Q Sales Reach $6.5B - Modern Distribution Management

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Avnet Fiscal 3Q Sales Reach $6.5B

Growing demand for supply chain orchestration is ‘driving strong financial performance across our global business,’ CEO says.
Avnet, Inc. on Aug. 10 reported 2022 fiscal-year sales of $24.3 billion, a 24.5% increase over the prior year.

Phoenix-based global technology solutions provider Avnet, Inc. (Nasdaq: AVT) reported fiscal 2022 third-quarter sales of $6.5 billion, up from $5.9 billion sequentially and $4.9 billion in the prior-year quarter.

On a constant currency basis, sales grew 35.7% year over year and 11.4% sequentially, Avnet reported.

GAAP diluted earnings per share of $1.84, compared with $1.07 in the prior year quarter; non-GAAP adjusted diluted earnings per share of $2.15, compared with $0.74 in the prior-year quarter, the company said.

“We are pleased to report another strong quarter of sales and operating margin growth,” CEO Phil Gallagher said. “Farnell achieved record operating margin as our continued investments in inventory breadth and e-commerce capabilities continue to pay off. Supported by increased sales, the Americas expanded operating margins for the fifth consecutive quarter. Growing demand for supply chain orchestration is driving strong financial performance across our global business. Looking ahead to the fourth quarter, amid the backdrop of geopolitical uncertainty, we continue to anticipate a favorable demand environment and expect to sustain strong margins from our recently implemented operating improvements.”

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