Phoenix-based electronic components distributor Avnet Inc. (Nasdaq: AVT) reported sales for its first quarter ended Sept. 30, 2023, were down 6.1% to $6.3 billion.
Profit was $209 million.
Electronic Components sales were down 6.5%; Farnell sales down 1.1%; and sales in the Americas were $1.5 billion, down 6.3%.
Sales in the EMEA region were up 8.4%, while Asia sales fell 16.6%.
Avnet CEO Phil Gallagher said: “We delivered better-than-expected results in the first quarter thanks to the strong performance of our Electronic Components business. Our team’s continued execution and flexibility are resonating with both our customer and supplier partners, especially in today’s market conditions. We remain focused on the things we can control, and are confident that our resiliency and adaptability will keep us on our path to driving profitable growth and value for all of our stakeholders in the long term.”