Technology distributor Avnet Inc. reported global sales growth of just under 1% for its fiscal third quarter of 2015, ended March 28. Earnings rose 1% to 1.04 per share during the quarter.
The distributor reported solid results for its electronic components division, Avnet Electronics Marketing, pointing to eight consecutive quarters of organic growth. Avnet EM’s third-quarter sales rose 2% to $4.2 billion, and all three regions contributed to the increase, the company said. Sales growth of 11.4% in Asia marked the seventh straight quarter of double-digit gains in the region, while sales in the Americas rose 3.7%. Sales in Europe, Middle East, and Africa (EMEA) fell compared to the same period a year ago, but the company pointed to the region’s 8.2% growth in constant currency (meaning year-over-year sales growth excluding the impact of changes in foreign currency exchange rates).
“Our EM team continued their disciplined approach to managing working capital as our velocity and returns improved year over year,” Avnet’s Chief Executive Officer Rick Hamada said in announcing the results April 23. “With our book-to-bill ratio above parity for the quarter and a seasonal outlook for June sales, we remain encouraged about our prospects for continued profitable growth from our global EM business.”
Avnet’s Technology Solutions business unit (which provides computer peripherals and related products and services) saw a 1.3% sales drop in the third-quarter.