Avnet Inc. (Nasdaq: AVT), Phoenix, Ariz., electronic components distributor, reported sales for its third quarter ended March 30, 2024, were $5.7 billion, down 12.3% from the prior-year period.
Profit for the quarter was $88 million.
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Sales year to date were $18.2 billion, down slightly from the year-ago period. Profit was $416 million.
“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,” said Phil Gallagher, CEO. “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.
“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.”
Avnet operates 14 distribution centers around the world.
