EMEA’s Document Effort Drives Avnet Ahead In Q2

Avnet has posted Q2 gross sales of $6.7 billion, up 14.5 % 12 months on 12 months, aided by a document efficiency within the EMEA area the place gross sales grew 22.6 % 12 months on 12 months and 5.9 % sequentially to $2.26 billion.

Within the Americas gross sales rose 20.8 % 12 months on 12 months to $1.7 billion. Regardless of softening demand within the area, Asia gross sales lifted 5.6 % 12 months on 12 months to $2.78 billion.

Farnell discovered the going more durable as a consequence of premium pricing tailwinds dissipating, sourcing elements for its single board computer systems. Q2 gross sales fell 7.7 % 12 months on 12 months to $408 million.

Transportation and industrial have been the strongest finish markets. A softening ebook to invoice ratio exited Q2 slightly below parity.

Avnet Chief Govt Officer Phil Gallagher hailed one other robust quarter of gross sales and earnings progress, increasing working margins and market share positive factors thanks largely to our clients’ partnership and our staff’ dedication and dedication.

“As we head into 2023, we’re intently monitoring near-term market dynamics,” he added.

These embrace lead occasions and stock ranges, the impression of COVID on demand and rising rates of interest, inflation and slowing world financial progress.

Gallagher stays inspired concerning the medium-term progress alternatives throughout Avnet’s various finish markets.