Avnet Sales Up 14.1% in Fiscal 3Q

Year to date, sales increased 6.2% to $14.3 billion for the Phoenix, Arizona-based electronics distribution giant Avnet.
Phoenix-based global technology solutions provider Avnet, Inc. (Nasdaq: AVT) said it has reached a global strategic agreement with Amazon Web Services that will help original equipment manufacturers of IoT solutions accelerate their time to market.

Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, reported sales for the fiscal third quarter ended April 3 of $4.9 billion, up 14.1% year-over-year. Profit for the quarter was $107.5 million, up from a loss of $128.7 million in the year-ago fiscal third quarter.

“In the third quarter, the impact of our back-to-basics strategy resulted in strong execution and performance across all regions,” said Avnet CEO Phil Gallagher. “As we continue to navigate supply constraints, extended lead times and a shifting operating environment, our deep relationships with our partners and tight management of our backlog will continue to be of utmost importance. Our prioritization of these relationships and focus on execution to date have put Avnet on a more linear growth path. Further, our ability to enhance value through demand creation for our partners has continued to contribute to our success at the center of the technology supply chain. We remain confident in our ability to execute and create value for our customers and suppliers.”

For the first nine months, Avnet reported sales of $14.3 billion, a 6.2% increase from the same period a year ago. The company reported a profit for the period of $107.8 million, up from a loss of $83.2 million in the first nine months of fiscal 2020.

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