Avnet has made a fast start to its new financial year reporting Q1 revenues of $5.9 billion, up 3.3% year on year and 5.5% sequentially, propelled by strong performances by Farnell and in the Asia region.
“In the first quarter, our sales and earnings exceeded our expectations, led by double-digit year-over-year sales growth in Farnell and Asia,” said Avnet Chief Executive Officer Phil Gallagher (pictured). “While uncertainty continues to impact the market, we remain optimistic about the increasingly positive signs of recovery. Our durable business model, coupled with our strong, diverse supplier line card and customer base, position Avnet to create long-term value for all our stakeholders.”
Electronic components sales were $5.5 billion up 4.6% year on year and 5.1% sequentially.
Farnell sales rose 14.9% year on year and 3.2% sequentially to $399 million, a second consecutive quarter of year on year growth for the high service distributor.
In the three geographic regions, Asia was the star reporting sales of $2.86 billion, a rise of 9.9% year on year and 6.4% sequentially, the region’s fifth consecutive quarter of year on year growth.
The Americas contributed $1.37 billion revenues, up 3% year on year and 3.2% sequentially.
EMEA sales were flat year on year and up 4.1% sequentially.
Recent initiatives include the launch of DevKit HQ, a new online resource for embedded development boards and tools, and the continued expansion of Avnet’s technology campus in Germany.
