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element14 performance underscores Avnet Q3 results

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element14 and Avnet remain strong in a stabilising market with Avnet declaring third quarter fiscal 2023 financial results of $6.5B

Avnet, Inc. (Nasdaq: AVT) announced results for its third quarter of fiscal 2023, ending 1 April, 2023, reporting $6.5B in sales, exceeding the guidance given.

Avnet reported an operating income of $313 million, a 4.9% increase over the previous quarter and a 14.3% year over year upturn.

element14’s contribution of $455 million in sales is an 11.5% increase from the previous quarter, while operating margin held steady sequentially at 9%. Farnell’s approach to fluctuating market conditions, including working in conjunction with partner organisations to overcome global supply constraints, proved integral to this robust financial performance.

Chris Breslin, President Farnell Global, said: “There are many factors that can impact the manufacture and distribution of electronic components and we have done well to predict and prepare for these.

“Despite the impact of key product line shortages and foreign currency exchange headwinds, we have demonstrated resilience in the face of industrywide challenges. Our overall performance has proven that our approach has been the correct one for element14 and our valued customers.

“We will continue to strategically invest to expand our electronic components portfolio, which will in turn enable our customers to seize every opportunity offered by the exponential growth of an increasingly evolving market.”

Read Avnet’s Third Quarter Fiscal 2023 Financial Results in full, and find out more about how element14 supports its customers here.

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