Avnet sales rose 5.8% to $4.52bn from $4.27bn in the second quarter to December 2017. Europe and Asia/Pacific led the advance. Sales in EMEA rose to $1.50bn from $1.38bn year on year and Asia/Pacific contributed a 10% increase from $1.64bn to $1.80bn.
US sales fell 3.4% to £145.7m from $164.5m in Q2 last year.
Premier Farnell delivered good news with a 33% increase in sales and and a 7% uptick in organic sales growth.
Avnet’s adjusted income was $145.7m down from $164.5m in Q2 last year.
“Our team delivered a strong quarter with improvements across our business. We exceeded our financial commitments and importantly, the Americas region has stabilised after several quarters of challenges,” said Avnet CEO Bill Amelio (pictured).
“Our unique ecosystem and growth engines are really coming together nicely. Our communities, comprised of engineers, makers and start-ups doing design work, added nearly 10% new member growth sequentially, and our digital revenue continues to grow and exceeded an $800 million annual run rate,” he added.
“Premier Farnell delivered strong revenue growth with improving operating margins,” he continued. “Customers and suppliers are recognising how Avnet can uniquely provide critical services at each stage of the product lifecycle as we help customers move from idea to product and from product to market. With our ecosystem performing well coupled with a strong book to bill we are pleased to be able to increase our fiscal 2018 revenue and EPS guidance in this important transition year at Avnet.”
Avnet’s guideline for Q3 sales is $4.65bn to $4.95bn. Full year estimates range from $18.5bn to $18.9bn.