Avnet achieved a fifth consecutive quarter of double-digit year over year revenue growth. Revenue of $6.7 billion USD increased 40% year over year. Whereas, Avnet Technology Solutions, the value added distribution arm of Avnet, Inc. reported the revenue of $2.74 USD billion which was much higher then expectations with a growth 47% year over year.
Roy Vallee, Chairman and Chief Executive Officer, Avnet, Inc. commented, “Our revenue in the March quarter was much stronger than expected at both operating groups, driving operating income margin higher sequentially and year over year. As the technology markets continue to lead the economic recovery, we remain focused on driving performance across our portfolio of businesses and leveraging revenue growth into increased shareholder value and higher EPS.”
The company claims to be 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.
