Avnet has reported fourth quarter sales of $4.2bn, down 3.5% from $4.3bn in the previous quarter and a decline from $4.7bn year on year.
Operating income was $1.9 million compared with a loss of $30m last year.
In the quarter EMEA sales dropped 18% to $1.34bn from $1.64bn. Sales in the Americas were 1.15bn down 9.2% year on year and Asia-Pacific sales fell 6.2% year on year to $1.67bn.
Sales at Farnell declined 15% from $343 million in 2019 to $292m in 2020.
Avnet reported full year sales of $17.6bn down 9.7% year on year.
In the regions EMEA sales were $5.75bn, down 14.9% from $6.77bn in 2019.
Sales in the Americas ebbed 7.4% year on year to $7.56bn.
Asia-Pacific saw a year on year sales decline of 6.5% to $7.13bn.
Farnell reported sales of $1.29bn down 11.3% from $1.46bn in 2019.
“In the fourth quarter, we delivered quarterly revenues above consensus and generated strong operating cash flow,” said Avnet Interim CEO Phil Gallagher. “Despite the challenges of the COVID-19 operating environment, we are committed to improving our bottom-line results. In fiscal year 2021, we will enhance our core distribution business capabilities, while helping our current and future supplier partners deploy their technologies to over two million customers.”
Gallagher continued, “I want to thank all of our employees for their continued dedication and commitment to Avnet, especially during the uncertainties of the pandemic. Our people’s health and safety remains our top priority. As we enter fiscal year 2021, we will work to manage our costs while still making investments in the business that will ensure we are well-positioned to benefit as the market recovers.”