Electronic components distributor Avnet reported its 2024 fourth quarter and full-year 2024 fiscal results on Aug. 8, showing that annual sales declined 10.5% in 2024.

Avnet posted total 4Q sales of $5.6 billion, down 16.4% year-over-year, and down 1.8% from 3Q. Americas sales of $1.4 billion fell 21.9% year-over-year, EMEA sales of $1.9 billion fell 21.6% year-over-year and Asia sales of $2.3 billion fell 3.5%. By business unit in 4Q, Electronic Components sales of $5.2 billion fell 15.1% year-over-year and Farnell sales of $225.2 million were down 15.8% year-over-year.

Avnet’s 4Q gross margin of 11.6% fell 90 basis points year-over-year. Operating profit of $164.2 million fell 42.1% year-over-year, while operating margin of 3.0% trailed and 3.4% of 2Q and the 4.3% of 4Q23.

The company’s 4Q net profit of $82.7 million a little more than half of the $155.3 million of a year earlier, and trailed 3Q’s $89 million.

For its fiscal full year 2024, Avnet posted total sales of $23.8 billion, trailing 2023’s $26.5 billion. The distributor’s 2024 gross margin of 11.6% trailed the 12.0% of 2023, while operating profit of $884 million likewise fell 28.9% and net profit of $499 million 35.3%.

Looking forward, Avnet is forecasting fiscal 1Q25 sales of between $5.25 billion to $5.55 billion.

“We are pleased with our fiscal 2024 performance as we executed well, despite some challenging market conditions,” Avnet Chief Executive Officer Phil Gallagher said in the company’s financial release. “I want to thank our team for their focus on supporting our supplier and customer partners, growing market share, controlling costs and managing working capital to drive operating cash flow. Their efforts enabled us to exceed the upper end of our fourth quarter sales and earnings guidance. We are well positioned entering into fiscal year 2025 and I am confident we have the right team and strategy in place to benefit from the eventual market recovery.”

Avent was No. 2 on MDM’s Top Distributor’s List for Electronics.