Tough June For Avnet
Avnet Technology Solutions reported lower-than-expected financial results for the fourth quarter, ended June 30, with sales of $6.31 billion, down from $6.9 billion in the year-ago quarter, and earnings of $133.4 million or 91 cents per diluted share, compared to $238.8 million or $1.54 per share a year ago. For the full 2012 fiscal year, Avnet earned $567 million or $3.79 per diluted share, on $25.71 billion. In the previous fiscal year, it earned $669.1 million or $4.34 per share on $26.53 billion in sales.
"Our fiscal 2012 results reflect the impact of both a components supply chain correction that occurred in the earlier part of the year followed by slowing global economic growth during the latter part of the year," said CEO Rick Hamada in a statement. "Our Q4 revenues came in below our original expectations at both operating groups as customers grew more cautious towards the end of the quarter." Avnet experienced a weaker-than-expected June as many customers in the Americas and EMEA regions chose to defer purchasing decisions during the last two weeks of the month, Hamada added.