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Avnet announces third quarter financial results

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For its third quarter fiscal year 2011, which ended on 2 April, Avnet achieved a fifth consecutive quarter of double-digit year over year revenue growth.

Revenue of US$6,7-billion increased 40% year over year, with organic growth up 16%. Avnet also experienced a fourth consecutive quarter of record adjusted EPS, with adjusted diluted earnings per share increased 45% year over year to a record $1.10.
Avnet Technology Solutions’ revenue of $2,74-billion came in at the high end of expectations. Avnet Technology Solutions grew 47% year over year and pro forma revenue grew 13% year over year, delivering a sixth consecutive quarter of organic growth.
Both the Americas and Asia experienced double digit organic growth year over year, while the recovery in EMEA has been weaker than in the other regions.
Regional revenue for Avnet Technology Solutions was:
* Americas – $1,5-billion, up 39% year over year on a reported basis.
* EMEA – $847-million, up 60% year over year (or 58% excluding the impact of foreign currency exchange rates) on a reported basis.
* Asia – $393,6-million, up 55% year over year on a reported basis.
Year over year growth at Avnet Technology Solutions was driven mostly by spending on servers, storage and software.
The company is committed to supporting the global technology market, and its investments in global scale and scope enhance its position as a premier service provider to the industry.
While Avnet Technology Solutions began the fiscal year with significant acquisitions that spanned multiple regions, the integrations will be completed during the June quarter and the business will enter the new fiscal year with financial improvements from synergies and an expanded base of growth opportunities.
In EMEA, Avnet completed the Bell Micro IT conversions, which will lead to additional synergies in the June quarter as planned.