Avnet Inc., Phoenix, global technology distributor and solutions provider, announced its sales for its fiscal 2023 first quarter ended Oct. 1 were $6.8 billion, up 21% from the prior-year period. On a constant currency basis, sales were up 28.9% from the prior-year period.
Profit for the quarter was $184 million.
Electronic Components sales were $6.3 billion, and Farnell sales were $425 million. Sales in the Americas were $1.7 billion.
“Our first quarter saw meaningful sales growth across all regions as demand in most of our end-markets continued to be strong,” said Phil Gallagher, CEO. “By delivering another quarter of solid sales and improved profitability, our team has once again demonstrated their ability to consistently execute given challenging business conditions. Although we can’t control the overall market, we are confident we can continue to deliver value to our supplier and customer partners despite uncertain market conditions.”