Citing macroeconomic headwinds and tariff uncertainties, Avnet reported sales of $4.63bn in the first quarter of its 2020 financial year, against $5.1bn in the same quarter last year, a fall of 9%.

The distributor stated that buying patterns had impacted all three geographic regions.

Electronic Component sales slipped 8.8% from $4.71bn last year to $4.3bn.

Average selling prices decline and sales pressures were cited for the slide at Farnell. The high service arm of Avnet posted an 11.1% fall year on year from $379.1m to $335.8m.

EMEA sales took a 14.2% hit, declining year on year from $$1.71bn to $1.47bn.

Sales in the Americas were $1.22bn against $1.27bn last year while Asia/Pacific sales drooped 7.6% year on year to $1.94bn

Earlier this year Texas Instruments and Avnet announced their distribution agreement would end by December 2020.

Avnet says it will implement $35m in incremental annual cost reductions as the decline in TI product sales occur.

During the quarter Avnet anounced the acquisition of Witekio to strengthen its IoT offering.

It also won business from non-traditional customers including a coffee retailer and a fitness equipment manufacturer, two indications, says Avnet, of its ability to provide end-to-end solutions.


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