Avnet has posted Q2 sales of $6.7 billion, up 14.5 % year on year, aided by a record performance in the EMEA region where sales grew 22.6 % year on year and 5.9 % sequentially to $2.26 billion.
In the Americas sales rose 20.8 % year on year to $1.7 billion. Despite softening demand in the region, Asia sales lifted 5.6 % year on year to $2.78 billion.
Farnell found the going tougher due to premium pricing tailwinds dissipating, sourcing components for its single board computers. Q2 sales fell 7.7 % year on year to $408 million.
Transportation and industrial were the strongest end markets. A softening book to bill ratio exited Q2 just below parity.
Avnet Chief Executive Officer Phil Gallagher hailed another strong quarter of sales and earnings growth, expanding operating margins and market share gains thanks in large part to our customers’ partnership and our employees’ dedication and commitment.
“As we head into 2023, we are closely monitoring near-term market dynamics,” he added.
These include lead times and inventory levels, the impact of COVID on demand and rising interest rates, inflation and slowing global economic growth.
Gallagher remains encouraged about the medium-term growth opportunities across Avnet’s diverse end markets.