Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, reported sales for the fiscal second quarter ended Jan. 2 of $4.7 billion, up 2.9% year-over-year. Profit for the quarter was $19.2 million, up significantly from a profit of $3.7 million in the year-ago fiscal second quarter.
“Improvements in our Farnell, EMEA and Americas businesses, complemented by a record revenue quarter in Asia, reflect our continued progress in driving operational efficiencies and enhancing key business lines through strategic investments,” said Avnet CEO Phil Gallagher. “We’ve seen tangible results from this back to the basics strategy over the past two quarters with increased sales, improving returns on capital and a stronger balance sheet. As a result, we are better positioned today to manage our backlog and working capital to navigate uncertainties resulting from COVID-19. I am incredibly proud of our team’s resilience amidst the challenges this past year. They’ve delivered significant value in providing uninterrupted service at a global scale and in working collaboratively with our customers and suppliers to manage forecasts, navigate current market dynamics and mitigate supply chain risk.”
For the first six months, Avnet reported sales of $9.4 billion, a 2.5% increase from the same period a year ago. The company reported a profit for the period of $0.3 million, compared to a profit of $45.4 million in the first six months of fiscal 2020.