Avnet Inc. (Nasdaq: AVT) of Phoenix reported 2022 fiscal first-quarter sales of $5.6 billion, topping the previous quarter by about $400 million.

The first-quarter sales were an 18.2% increase over the fiscal first quarter in 2021.

Avnet ranks No. 2 on MDM’s Top Distributors list for electronics distributors, with $17.6 billion in 2020 revenue.

“Building upon our solid performance in fiscal 2021, we were pleased to start off fiscal 2022 with a strong first quarter,” Avnet CEO Phil Gallagher said. “We delivered another consecutive quarter of record sales in both our Electronic Components and Farnell businesses and reached our respective short-term operating margin targets of 3% and 10%. We are continuing to strengthen Avnet’s position through driving execution and accelerating the growth of our higher margin Farnell business, while also working closely with our supplier partners to balance supply and demand across the supply chain. We expect the current market environment to extend well into calendar year 2022 and will continue to help our customers navigate component availability challenges by serving as a vital link at the center of the technology supply chain. As we look ahead to the next quarter, we expect to benefit from continued operating improvements to our business and strong market demand to deliver results in line with our fiscal first quarter performance.”