Avnet's Q2 results reflect positive for Asia

Avnet's Q2 results reflect positive for Asia

Outlook is relatively flat for Q3

Avnet’s Asian market has led some strong results for the global distributor in a tough economic climate.

Total global sales for the quarter, ended December 31, 2011, reached $US6.69 billion, a slight decline of -1.1 per cent year-on-year. However, the Avnet Technology Solutions division in Asia saw Q2 revenue of $US443.5 million, a year-on-year increase of 14.4 per cent, which was the biggest growth for the distributor for the quarter.

The Electronics Marketing results were slightly softer, however. Asia revenue was $US1.25 billion, a change of -4.7 per cent year-on-year.

Avnet CEO, Rick Hamada, said in a statement, “in Asia, where we have increased our emphasis on returns, pro forma revenue increase 14 per cent over the year ago quarter, while operating income was up over 100 per cent and operating income margin grew more than 60 basis points both sequentially and year over year.

A statement from Avnet suggests a relatively positive outlook for Q3 given the current difficult economic conditions.

The distributor expects global sales to reach between $US5.95 billion and $US6.55 billion across both the Technology Solutions and Electronic Marketing divisions.

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