Avnet Sales Flat in Third Quarter - Modern Distribution Management

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Avnet Sales Flat in Third Quarter

Profit for the global electronics distributor fell to $86.2 million in the quarter.

Avnet, Inc. (NYSE: AVT), Phoenix, AZ, reported sales for the third quarter ended March 30, 2013, were $6.3 billion, essentially flat versus the same period the prior year. At a constant currency rate, sales declined 4.4 percent. Profit fell 42 percent to $86.2 million.

For the nine month period, sales were $18.9 billion, down 3 percent versus the prior year period. Profit fell 25 percent to $324 million.

In the Electronics Marketing segment, third-quarter sales increased 1.1 percent to $3.8 billion, compared with a year ago. In constant dollars, sales were up 1.6 percent. Operating income margin decreased 90 basis points year over year to 4.3 percent due primarily to the slower recovery, and resulting lower profitability in the western regions.

EM pro forma sales in the EMEA region grew 18 percent in constant dollars sequentially, while the Americas increased 3 percent and Asia fell 8 percent.

Technology Solutions sales in the third quarter declined 0.9 percent (0.8 percent in constant dollars). Operating income margin decreased by 18 basis points year over year due primarily to a decline in the EMEA region.

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