Avnet Nets $26.5B in Fiscal 2023 Sales, Up 9.2% YoY - Modern Distribution Management

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Avnet Nets $26.5B in Fiscal 2023 Sales, Up 9.2% YoY

The company said that fourth-quarter sales of $6.6 billion exceeded guidance and were up 2.9% year-over-year.

On Aug. 16, Phoenix-based electronic components distributor Avnet announced its fiscal 2023 full-year and fourth-quarter earnings report.

For the full year, sales were $26.5 billion, up 9.2% year-over-year from the $24.3 billion reported during fiscal 2023. Avnet reported an operating income margin of 4.5%, an increase of 61 basis points YoY. The company’s Electronic Components segment produced an operating income margin of 4.8% during FY 2023, an increase of 89 basis points YoY.

The company’s fiscal year ended July 1.

“Our strong financial results in fiscal 2023 demonstrate the dedication and commitment of our employees in driving profitable growth,” said Avnet CEO Phil Gallagher. “With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well-positioned to capitalize on the industry growth expected over the next several years. Although we can’t control near-term market conditions, our team will continue to focus on executing well in the market.”

For its fourth quarter, Avnet reported sales of $6.6 billion, up 2.9% from the $6.4 billion reported during 4Q 2022. Operating income margin was 4.3%, a decrease of 14 basis points over the same quarter the prior year. Its Electronic Components segment reported an operating income margin of 5.1%, an increase of 77 basis points YoY.

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

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