Avnet, Inc. (NYSE:AVT) today announced results for the third quarter ended March 31, 2018.
Third Quarter Fiscal 2018 Highlights
- Sales of $4.8 billion increased 6.1% sequentially and 8.0% year over year
- Excluding supplier program changes, sales grew 7.3% year over year in constant currency
- GAAP operating margin loss of (1.1%)
- Non-GAAP adjusted operating income margin improved sequentially to 3.7%
- GAAP diluted EPS loss of ($2.64) driven by goodwill impairment and tax reform
- Non-GAAP adjusted diluted EPS of $1.02 exceeded the high end of guidance
“This quarter’s performance bolsters our confidence in our plan and execution ability during this important transition year at Avnet,” said Bill Amelio, CEO of Avnet. “We are successfully executing against our key priorities, including building out our unique end-to-end ecosystem, delivering new services and benefits to our evolving customer base, and creating ways to engage with new types of customers at every point in the product lifecycle. As a result, we are seeing both revenue growth and an improvement in our adjusted operating margin.”
The full report can be found here.