Arrow, Avnet post strong financials
By Colleen Taylor, Contributing Editor -- EDN, August 9, 2007
Riding high on a slew of newly-inked deals in recent months, electronics distributors Avnet Inc. and Arrow Electronics Inc. have posted solid financial results for their most recent fiscal quarters.
Avnet reported on Wednesday record revenue of $4.24 billion for its fiscal Q4, representing an increase of 17.3 percent over its Q4 2006 revenue and an increase of 8.7 percent over its Q3 revenue. Meanwhile, Avnet's Q4 net income was $124.7 million, more than doubling its Q4 2006 net income of $58.8 million and up from its Q3 income of $105.2 million.
Arrow reported a similarly strong financial quarter with its Q2 results announced July 25. The company reported Q2 net income of $99.2 million on sales of $4.04 billion, compared with net income of $92.8 million on sales of $3.44 billion in Q2 2006, and with Q1 net income of $96.3 million on sales of $3.5 billion. Year-over-year, sales increased 17 percent and net income increased 6.8 percent; quarter-over-quarter, sales increased 15.4 percent and net income increased 3 percent.
