Avnet Opens Fiscal 2015 With 7.8 Percent Sales Increase

Top-line growth, combined with an increase in gross profit margin and continued expense efficiencies across the enterprise, resulted in operating income growing 1.6 times faster than revenue.

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PHOENIX — Avnet, Inc. (NYSE:AVT) on Thursday announced results for the first quarter fiscal year 2015 ended Sept. 27.

Sales for the quarter increased 7.8 percent year over year to $6.8 billion; organic sales grew 5.8 percent year over year and 5.6 percent in constant currency.

Adjusted operating income of $223.7 million increased 12.2 percent year over year and adjusted operating income margin of 3.3 percent increased 13 basis points year over year.

Adjusted net income of $144.2 million increased 14.4 percent and adjusted diluted earnings per share of $1.02 increased 13.3 percent year over year.

Rick Hamada, Chief Executive Officer, commented, “Our team carried the momentum of fiscal 2014 into our new fiscal year as they leveraged continued revenue growth into another year-over-year increase in EPS. Even given an environment of heightened sensitivity to current market conditions, we remain focused on profitable growth opportunities and will continue to align our investments toward maintaining our momentum."

Avnet Electronics Marketing reported sales increased 11.1 percent year over year to $4.4 billion while organic sales were up 7.8 percent in constant currency. Operating income margin increased 17 basis points year over year to 4.6 percent due to improvements across all three regions.

Avnet Technology Solutions reported sales increased 2.4 percent year over year to $2.5 billion and organic sales increased 2.0 percent in constant currency primarily due to strength in the Americas region. Operating income margin decreased 7 basis points year over year primarily due to a decline in the Americas and Asia regions partially offset by an improvement in the EMEA region

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