In its Q1 2020/21 Avnet has reported sales of $4.72 billion, surging 13.5% from $4.15 billion in the previous quarter. Year on year sales grew 2%.
Avnet’s electronic component sales were $4.4 billion a rise of 2.1% compared to the same quarter last year, and an increase of 13.3 % sequentially.
Sales at Farnell edged ahead 1.5% year on year to $341 million and accelerated 16.7% sequentially.
Across the geographic regions, Asia was the star turn, reporting sales of $2.1 billion, a 4.8% increase year on year and up 22.2% on the previous quarter.
EMEA sales of $1.5 billion climbed 10.2% sequentially and inched forward 0.7% year on year.
In the Americas sales slipped 0.8% to %1.2 billion year on year, and rose 4.9% sequentially.
The first quarter sales of $4.7 billion and adjusted operating expenses of $451 million represent 14 weeks of activity compared to the normal 13-week quarter. Adjusted to a 13-week quarter, estimated organic sales were $4.4 billion and estimated adjusted operating expenses were $431 million.
Phil Gallagher (pictured), Interim CEO commented, “Our first quarter results reflect improving macroeconomic conditions and our renewed emphasis on effective execution within our Electronic Components business. Revenues were better than expected, driven by improving demand in our Asia region and across a variety of verticals, most notably auto. In the quarter, we sharpened our focus on our primary components distribution business and continued to diligently help our supplier partners deploy their technologies to meet the needs of our end customers.”
He continued, “We are rebalancing our strategy, realigning our organisational structure and we continue to see great value in Farnell’s opportunity to strengthen Avnet’s global digital footprint to be more responsive to customer and supplier needs. I am proud of how Avnet is managing through this challenging environment and diversifying our revenue streams to deliver on our 2021 fiscal year priorities of improving top-line growth, generating greater operating margin and earning an adequate return on capital.”