Avnet posts revenues rise in Q3

Operating income jumped 14% year on year to $314.5 million.

Electronic component revenues grew 0.7% year on year to $6.06 billion. Sequentially sales were down 4% on Q2.

Revenues at Farnell rose 11.5% to $455 million, comparted to the previous quarter. Year on year sales declined 3%.

Across the regions EMEA turned in the best performance growing revenues 9.5% year on year and 6.1% sequentially to $2.39 billion.

In the Americas grew sales advanced 5.4% year on year and 2% sequentially to $1.71 billion.

Asia-Pacific had a rougher quarter. Sales dropped 10% year on year and 13.5% sequentially to $2.41 billion.

Commenting on the results, Avnet Chief Executive Officer Phil Gallagher (pictured) stated, “I am pleased with our results this quarter as our team delivered another quarter of year-over-year sales and operating margin growth. We delivered record quarterly operating income in our Electronic Components business to help us achieve our stated goal of 5% operating margin. I am proud of our team’s dedication and commitment to continuously execute and deliver value to our customer and supplier partners.”