Avnet records record revenue

Roy Vallee, Chairman and Chief Executive Officer, Avnet, Inc.

Avnet, Inc. recorded a revenue of $6.8 billion in the 2nd quarter of fiscal year 2011, an 40% year over year increase in its turnover. Whereas, the value added distribution arm, Avnet Technology Solutions’ revenue grew to $3.21 billion across the globe, which was  mostly driven by hardware refresh investments, including spending on industry standard servers, storage and networking products.

Roy Vallee, Chairman and Chief Executive Officer, Avnet, Inc. commented, “The December quarter capped an excellent calendar year as we continued to leverage the technology driven economic recovery and delivered a fourth consecutive quarter of double-digit year-over-year organic revenue growth. Reported revenue grew 40% year over year to a record $6.8 billion and adjusted operating income grew nearly 1.5 times faster than revenue.”

Avnet Technology Solutions expects to continue its growth march with even better financial performance by leveraging its market position in mature markets, expanding its profitability, presence and supplier base in higher growth markets, and fully realizing the balance of expected synergy cost savings from the recent acquisitions of Bell Microproducts and Tallard Technologies.