Phoenix-based Avnet Inc. (Nasdaq: AVT) announced sales for its first quarter ended Sept. 28, 2024, were $5.6 billion, down 11% from $6.3 billion in the prior-year quarter.
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“In the first quarter, our sales and earnings exceeded the upper end of our guidance range led by a return to growth in our Asia region. We continue to focus on improving the performance of our Farnell business and remain committed to improving its operating model and profitability,” said Avnet CEO Phil Gallagher.
Profit for the quarter was $58.9 million.
Electronic Components sales were down 11.1%; Farnell sales fell 17.6%; Americas sales were down 15.5%; EMEA sales were down 27.7%; and Asia sales grew 6.2%.
