Phoenix-based electronics distributor Avnet Inc. (Nasdaq: AVT) announced its sales for second quarter ended Dec. 28, 2024, were $5.7 billion, down 8.7% from the prior-year quarter.
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Profit for the quarter was $87.2 million.
Electronics Components sales were $5.3 billion, and Farnell sales were $345 million. Sales in Americas were $1.36 billion, down 14%. EMEA sales were $1.58 billion, down 24%.
First-half sales were $11.26 billion, down 10% from the year-ago period. Profit was $146 million.
“In the second quarter, we delivered sales and earnings within expectations, while continuing to make good progress managing the factors within our control. Our team’s focus on optimizing inventory and effective operations allowed us to deliver another strong quarter of operating cash flow. Although market conditions are challenging, the value we add at the center of the technology supply chain has never been more important,” said Avnet CEO Phil Gallagher.
