Phoenix, Arizona-based electronic components distributor Avnet announced Feb. 1 the results for its fiscal 2023 second quarter, which ended Dec. 31, 2022.

Avnet reported 2Q sales of $6.7 billion, a 14.5% increase year-over-year and up 21.1% on a daily, constant-currency basis.

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In 2Q, Avnet posted operating income margin of 4.5%, an increase of 84 basis points year-over-year. Operating income margin for Avnet’s electronic components segment was 4.7%, up 122 basis points from a year ago.

“We delivered another strong quarter of sales and earnings to close out 2022,” Avnet CEO Phil Gallagher said. “This past year we were able to accelerate our sales growth, expand operating margins and gain market share thanks in large part to our customers’ partnership and our employees’ dedication and commitment. As we head into 2023, we are closely monitoring near-term market dynamics and remain encouraged about the medium-term growth opportunities across our diverse end markets.”

Avnet ranked No. 2 on MDM’s 2022 Top Electronics Distributors list.