Avnet Inc. (NYSE: AVT), Phoenix, AZ, reported sales for the second quarter ended Dec. 31 of $4.2 billion, up 2.7 percent over the same period a year ago. Profit decreased 33.8 percent to $103.2 million.
Year-to-date, sales decreased 3.4 percent year-over-year to $8.4 billion. Profit decreased 39.9 percent to $172.1 million.
“Our December quarter results validate the benefits of our acquisition of Premier Farnell, which was effective October 17, 2016,” said Bill Amelio, CEO of Avnet. “During the quarter, we further enhanced our digital platform with the acquisition of Hackster.io, which provides over 200,000 makers a forum to learn how to design, create and program Internet-connected hardware. Our Electronics Marketing business also performed well as organic revenue grew approximately 4 percent in constant currency when you exclude the impact of Premier Farnell and our decision to exit select high volume supply chain engagements in Asia."
