Phoenix, AZ-based electronic components distributor Avnet reported its second quarter earnings on Thursday, beating analysts forecasts across the board.
Avnet posted a revenue of $7.55 billion in the quarter, up 1.8 percent year-over-year. The figure beat Wall Street and Zacks expectations of $7.35 and $7.34 billion, respectively.
Adjusted operating income for the quarter was $274.6 million, up 4.3 percent YOY, while adjusted net income rose 7.4 percent to $176.0 million.
Rick Hamada, Chief Executive Officer, commented, "Our team delivered steady progress in our financial performance as revenue and earnings exceeded expectations and earnings per share grew year over year for a sixth consecutive quarter. Despite some currency headwinds beyond our expectations, reported revenue grew 1.8 percent led by a seventh consecutive quarter of year-over-year organic growth at Electronics Marketing (EM)."
Avnet Electronics Marketing posted sales of $4.4 billion for the quarter, up 6.8 percent YOY. Nearly half that sales figure was from Asia at $2.03 billion, a 17.1 percent increase spike over last year. EM operating income was $191.4 million, up 11.5 percent YOY.
Avnet Technology Solutions sales were $3.12 million for the quarter, up 4.6 percent YOY, while operating income increased 2.2 percent to $117.6 million.
The company said it expects revenue in the range of $6.6 billion to $7.2 billion for Q3.
