Avnet, Inc.. (NYSE: AVT), Phoenix, AZ, reported sales for the third quarter ended March 31, 2012, were $6.28 billion, down 5.9 percent from the same period a year ago. Profit declined 2.2 percent to $147.6 million.
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For the first nine months of the fiscal year, sales were $19.4 billion, down 1 percent year over year. Profit increased slightly to $433.6 million.
Electronics Marketing segment sales declined 4.3 percent to $3.8 billion in the quarter.
\”For EM, the first three quarters of fiscal 2012 were all about adjusting to the inventory correction that negatively impacted all three regions,\” CEO Rick Hamada said. \”The inventory correction had a more muted impact on our financial performance as a result of EM’s vigilant control of expense and working capital, combined with increased traction in organic growth initiatives. These actions put us in a strong competitive position across our end markets as we begin to exit this correction.\”
Technology Solutions segment sales fell 8.1 percent to $2.5 billion.
