Electronic components distributor Avnet (Phoenix) reported its 2024 second quarter (Oct. 1 – Dec. 31) financial results on Jan. 31, showing that sales declined by a notable amount on both a year-over-year and quarterly sequential basis.

Avnet posted total 2Q24 sales of $6.2 billion, down 7.6% year-over-year, and down 2.1% from 1Q (July 1 – Sept. 30). Operating profit of $236 million fell 21.0% year-over-year, with operating margin of 3.8% down 64 basis points. 

2Q24 gross profit fell 9.9% year-over-year, while net profit of $118 million was less than half of the $244 million from a year earlier.

By Avnet business unit in 2Q24:

• Electronic Components sales of $5.81 billion were down 7.9% year-over-year and down 1.7% from 1Q24. Operating margin of 4.3% fell 43 basis points year-over-year.
• Farnell sales of $393 million fell 3.7% year-over-year and fell 6.8% from 1Q. Operating margin of 4.0% was less than half of the 9.0% of a year earlier.

By geography in 2Q24:

• Americas sales of $1.59 billion fell 5.5% year-over-year and grew 1.0% from 1Q
• EMEA sales of $2.1 billion fell 6.3% year-over-year and fell 8.4% from 1Q
• Asia sales of $2.5 billion fell 10.0% year-over-year and grew 2.0% from 1Q