The 2020 Mid-Year Economic Update_long

Avnet Sales Up in 1Q

Electronics distributor Avnet, Inc., Phoenix, AZ, reported sales of $4.49 billion for first quarter fiscal 2009 ended Sept. 27, 2008, representing an increase of 9.7% over the prior-year period and 7% excluding the impact of changes in foreign currency exchange rates.
 
Organic growth was up 0.9%.  
 
Profit for first quarter fiscal 2009 was $92.8 million as compared with net income of $105.5 million for the first quarter last year.
 
 Our September quarter continued a multi-quarter trend of muted organic growth rates as sluggish demand in several end markets persisted," said Roy Vallee, CEO. "Although it is difficult to predict how macro conditions will impact tech demand over the next few quarters, we will continue to focus on achieving our ...

Electronics distributor Avnet, Inc., Phoenix, AZ, reported sales of $4.49 billion for first quarter fiscal 2009 ended Sept. 27, 2008, representing an increase of 9.7% over the prior-year period and 7% excluding the impact of changes in foreign currency exchange rates.
 
Organic growth was up 0.9%.  
 
Profit for first quarter fiscal 2009 was $92.8 million as compared with net income of $105.5 million for the first quarter last year.
 
 Our September quarter continued a multi-quarter trend of muted organic growth rates as sluggish demand in several end markets persisted,” said Roy Vallee, CEO. “Although it is difficult to predict how macro conditions will impact tech demand over the next few quarters, we will continue to focus on achieving our financial goals by managing the things that are within our control.
 
“As a result, we are taking additional actions to continue aligning our business to our stated long-term financial goals. In addition to what was previously announced, we have initiated further cost reductions this quarter which will total approximately $50 million in annualized savings and are expected to be fully implemented by the end of the March 2009 quarter.”

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.