Revenues increase by 20.2% year-over-year in a record-breaking fiscal year
Avnet, Inc. (Nasdaq: AVT) announced results for its fourth quarter ending 2 July 2022, reporting a robust quarter of year-over-year sales and operating margin growth. The results were strengthened by a record-setting fiscal year revenue from element14 totalling $1.8 billion.
element14’s strong performance, with full year revenue increasing 20.2% year-over-year, was the result of notable increases in demand from the automotive, industrial and medical device sectors.
element14 reported fourth quarter revenues of $442 million and an operating income margin of 14.2%, which was an increase of 597 basis points year-over-year.
element14’s ongoing investment in stock had a positive impact with more than 18,000 new products added in the fourth quarter alone. element14’s expansive inventory remains a key factor in its success and is a key priority for the Avnet group. element14 was central to Avnet’s solid operating margin of 4.5% in the quarter.
Weidi Zhu, Business President, element14, said: “We are pleased with this strong performance, particularly given that it was achieved amidst ongoing supply chain challenges and uncertainty relating to the reintroduction of Lockdown periods in China after further COVID-19 outbreaks. We expect to build upon this momentum as we continue to make investments in our inventory, digital marketing and our e-commerce platform.”
element14’s commitment to enhancing customer experience on its e-commerce platform continues to yield substantive results. Nearly 56% of element14’s total sales and 72% of total orders transacted were placed through the company’s e-commerce platform this quarter.
Read Avnet’s Fourth Quarter Fiscal 2023 Financial Results in full and explore how element14’s support enables its customers success here.