PHOENIX — Avnet Inc.’s year-over-year sales dropped as the Phoenix-based electronics component distributor continued to navigate challenging market conditions during its second fiscal quarter.
Avnet (Nasdaq: NVT) announced Wednesday it generated $5.6 billion in revenue during fiscal Q2 that ended Dec. 31, marking a 9.9% decrease compared to $6.2 billion the prior-year quarter, according to a regulatory filing.
Analysts surveyed by Zacks Investment Research anticipated the company would generate $5.5 billion in revenue and earnings per share of 88 cents.
“Our results were primarily driven by stronger than expected performance in Asia, offset by weakness in the West with Europe presenting the most challenging market conditions,” Phil Gallagher, Avnet CEO, said on an earnings call Wednesday. “Our team continues to compete well and manage the factors within our control.”
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