Avnet Q3 sales fall 13 per cent year on year

Sequentially sales fell 8.9% from $6.2 billion in Q2.

“In the third quarter, we delivered results that were in line with our expectations, amidst economic softness and lower demand in the markets we serve. I am proud of our team’s effort to deliver robust cash flow from operations as the benefits from our countercyclical balance sheet started to take effect this quarter,” said Avnet Chief Executive Officer Phil Gallagher (pictured).

He continued, “Our fourth quarter outlook reflects a continuation of these market conditions. Looking ahead, our team remains focused on the things we can control – bringing value to our customer and supplier partners, reducing operating costs, improving our working capital, generating cash flows and driving shareholder return.”

All three geographic regions reported sales dips.

EMEA sales dropped 14.2 per cent from $2.4 billion to $2.1 billion year on year. In the Americas sales declined 14.2 per cent year on year from $1.7 billion to $1.4 billion. Asia/Pacific filed sales of $2.2 billion, a fall of 8.7 per cent from the previous year’s $2.4 billion.

Farnell sales tumbled 10.4 per cent year on year from $455 million to $408 million.