Avnet has reported Q2 sales of $4.5bn, down 10.2% year on year and 2.1% sequentially. Income was $82.2m, a dive of 54% year on year.
Electronic component sales came in at $4.2bn a fall of 10% year on year.
Tom Liguori (pictured), Avnet Chief Financial Officer broke down the regional sales.
“Americas delivered revenue of $1.2bn billion, down 2.4% sequentially and 8.8% year-over-year. Despite the slowing, revenues in the second quarter were better than expected and appear to be stabilising, a good sign that we may be near the bottom of the downturn,” he reported.
“EMEA revenue of $1.4 billion was down 3.1% sequentially and 14.6% year-over-year. In constant currency performance was a bit better down 2.9% and 12.1% respectively. Overall, EMEA performance was in line with our expectations,” he added. “Asia revenue of $1.9 billion was down 1.1% sequentially and 7.6% year-over-year. Constant currency results were similar, down 0.9% sequentially, and 7.7% year-over-year. Overall, Asia appears to be stabilising.”
At Farnell, revenue for the quarter totalled $331million. This compares to $336 million in revenue in the first quarter and $368 million a year ago.
Commented Liguori, “The quarter was a bit weaker than expected in both revenue and margins reflecting pricing and demand pressures that persisted during the quarter.”