Avnet, Inc. (
AVT) recently reported revenues of $4.36 billion for the first quarter of fiscal 2010, down 3.1% from a year ago. Excluding the negative impact of foreign currency exchange rates, revenues declined 0.6%.
Management stated that the impact of global slowdown led to the year-over-year decline, but the business environment is improving.
On a segment basis, Electronics Marketing (EM) sales came in at $2.44 billion, down 9.8% year over year (down 8.0% when adjusted to exclude the impact of changes in foreign currency exchange rates). The rate of revenue decline moderated in the reported quarter and management is encouraged by pace of bookings for this segment in recent months.
Technology Solutions (TS) generated sales of $1.92 billion, up 6.9% year over year (up 10.5% when adjusted to exclude the impact of changes in foreign currency exchange rates), driven by growth in Americas and Europe, Middle East and Asia (EMEA).
The company
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