Avnet reports fourth quarter and fiscal 2020 financial results

Avnet fiscal results for Q4 2020 were $4.2bn, compared to $4.7 in Q4 2019; whereas yearly sales dropped to $17.6bn, from $19.5bn in 2019.

Avnet has announced its results for Q4 and fiscal year ended June 27, 2020. Results for Q4 revenue were $4.2bn, compared to $4.3bn in previous quarter and $4.7 compared to last year quarter; whereas yearly sales dropped to $17.6bn, from $19.5bn in the previous year.

Revenue for the Electronic Components Sales in Q4 2020 decreased to $3.9bn, from $4.3bn in the last year. Yearly overall sales fell to $16.3bn in this year, compared to $18.0bn last year.

Regionally EMEA sales have experienced the most significant drop to $1.3bn, from $1.6bn last year. Americas sales dropped to $1.1bn, from $1.3bn last year; whereas Asia sales decreased only slightly to $1.7bn, from a previous $1.8 last year.

GAAP operating income totalled $1.9m, compared with GAAP operating loss of $30m a year ago.

“In the fourth quarter, we delivered quarterly revenues above consensus and generated strong operating cash flow,” said Avnet Interim CEO Phil Gallagher. “Despite the challenges of the COVID-19 operating environment, we are committed to improving our bottom-line results. In fiscal year 2021, we will enhance our core distribution business capabilities, while helping our current and future supplier partners deploy their technologies to over two million customers.” Gallagher continued, “Our people’s health and safety remains our top priority. As we enter fiscal year 2021, we will work to manage our costs while still making investments in the business that will ensure we are well-positioned to benefit as the market recovers.”

Source: Avnet