Avnet, Inc. (NYSE: AVT), Phoenix, AZ, No. 1 on MDM's 2013 list of top electronics distributors, reported sales for the fiscal year ended June 29 of $25.5 billion, a decrease of 1 percent compared to the same period a year ago. Profit decreased 20.6 percent to $450.1 million.
“Our fiscal 2013 results reflect the impact of slower global economic growth and businesses' cautious spending on technology, particularly in our higher margin western regions. Excluding the impact of acquisitions and currency, revenue declined 4 percent year over year with our Americas and EMEA regions down 9 percent and 6 percent, respectively, while our Asia region grew 5 percent,” said CEO Rick Hamada.
For the fourth quarter, sales for Avnet were $6.6 billion, an increase of 4.5 percent compared to the same period a year ago. Profit decreased 5.5 percent to $126.1 million.
The electronics marketing segment reported fourth-quarter sales of $4 billion, an increase of 5.5 percent compared to the fourth quarter of 2012. Organically, sales increased 2 percent. Operating income decreased 15.7 percent to $175.4 million.
Technology solutions sales were $2.6 billion for the quarter, an increase of 3 percent year-over-year. Organically, sales for the segment decreased 2.4 percent.
