news


Avnet Reports Lower Sales, Income

Avnet Inc., the Fortune 500 distributor of electronics components, computer products and embedded technology, on Wednesday reported that its sales and net income decreased in both its last quarter and fiscal year ending June 30.

In its fourth fiscal quarter, sales fell 8.8 percent to $6.3 billion from $6.9 billion in the same period a year ago. For the fiscal year, sales decreased 3.1 percent to $25.7 billion from $26.5 billion.

Rick Hamada, CEO of Avnet, said annual results reflected a “components supply chain correction” and a global economy with slowing growth.

Net income for the fourth fiscal quarter plunged 44.1 percent to $133.4 million from $238.8 billion in the same quarter last year. Avnet still posted a sizeable annual profit of $567 million, although it sank 15.3 percent from $669.1 million in the year ending July 2, 2011.


Leave a comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Polls

In our Channel Influencer Awards digital issue, we highlighted eight technologies ready to "take off" in the channel this year. Which two will take off the most?

View Results

Loading ... Loading ...
The ID is: 85244