Avnet Sales & Profit Down In Q4, But Up Overall for 2015

The strong U.S. dollar hurt the electronics distributor some in Q4, but the company still posted a healthy full-year profit gain.

Phoenix-based electrical distributor Avnet reported its 2015 fourth quarter and full year financial earnings on Wednesday for the period ended June 27.

For the full year, the company posted sales of $27.92 billion, a 1.5 percent increase over 2014. Net income had a 4.8 percent increase to $545.6 million.

"Despite the significant strengthening of the U.S. Dollar throughout fiscal 2015, the Avnet team delivered consistent improvement in our financial performance as revenue grew year over year and adjusted operating income margin expanded in all four quarters," said CEO Rick Hamada. 

For the fourth quarter, Avnet posted sales of $6.8 billion, a 3.6 percent year-over-year decrease, while profit of $158.7 million was a 14.8 percent decrease.

Avnet's Electronics Marketing business had sales of $4.32 billion in Q4, a 0.1 percent yearly decrease. The company's Technology Solutions business had Q4 sales of $2.48 billion, a 9.2 percent decrease.

"Similar to the March quarter, our results were negatively impacted by the strong dollar as organic revenue growth of 3.1 percent year-over-year in constant currency translated into a 3.6 percent decline as reported," Hamada said.

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