Avnet Sales Up 25.7% in Fiscal 4Q - Modern Distribution Management

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Avnet Sales Up 25.7% in Fiscal 4Q

In the fourth quarter, Avnet’s profit totaled $85.36 million compared to $52.16 million in last year's fourth quarter.
Avnet, Inc. on Aug. 10 reported 2022 fiscal-year sales of $24.3 billion, a 24.5% increase over the prior year.

Avnet Inc. (Nasdaq: AVT), Phoenix, reported sales for the fiscal fourth quarter ended July 3 of $5.2 billion, up 25.7% year-over-year.

Avnet’s profit totaled $85.36 million, or $0.85 per share compared to $52.16 million, or $0.53 per share, in last year’s fourth quarter. Excluding items, Avnet reported adjusted earnings of $204.47 million or $1.12 per share for the period.

“In the fourth quarter, we delivered strong sales growth with record sales in our Electronic Components business and at Farnell, driving operating margin improvement approaching our 3% and 10% near-term targets, respectively,” said Avnet Chief Executive Officer Phil Gallagher. “We remain well-positioned across all operating regions and are continuing to capitalize on the strong demand environment to capture additional market opportunities. Avnet’s role at the center of the technology supply chain continues to be more vital than ever. As a result, our focus on providing trusted support to our customers and suppliers is driving robust financial performance which is demonstrated in our results.”

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