Electronic component distributor Avnet, Inc. (Nasdaq: AVT) announced its third-quarter fiscal results ending April 2, 2022, were $6.5 billion, up 35.7% year-over-year.
Farnell operating margins increased 123 basis points sequentially to 14.9%, and Electronic Components operating margins increased 92 basis points sequentially to 4.4%.
Net income was $183 million, up from $107 million in the prior-year period.
“We are pleased to report another strong quarter of sales and operating margin growth. Farnell achieved record operating margin as our continued investments in inventory breadth, and e-commerce capabilities continue to pay off. Supported by increased sales, the Americas expanded operating margins for the fifth consecutive quarter,” Avnet CEO Phil Gallagher said.