Avnet Q1 sales deliver $6.3 billion; above expectations

Operating income fell 12.7% year on year and 10.5% sequentially to $253.8 million.

Electronic component sales declined 6.5% year on year and 3.2% sequentially to $5.9 billion.

The EMEA region delivered a strong performance with sales up 8.4% year on year to $2.31 billion.

Americas sales of 1.57 billion fell 6.3% year on year.

Asia/Pacific sales dropped 16.6% year on year to $2.45 billion.

Farnell reported sales of $421 million, a fall of 1.1% year on year.

Avnet Chief Executive Officer Phil Gallagher (pictured) commented, “We delivered better-than-expected results in the first quarter thanks to the strong performance of our Electronic Components business. Our team’s continued execution and flexibility are resonating with both our customer and supplier partners, especially in today’s market conditions. We remain focused on the things we can control, and are confident that our resiliency and adaptability will keep us on our path to driving profitable growth and value for all of our stakeholders in the long term.”