Ingram Micro, Avnet Report Earnings in Wall Street Meltdown Aftermath - Avnet Results
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Avnet's revenues grew for the quarter versus the same period a year ago, on acquisitions, but net income fell.
Avnet's Technology Solutions operating group saw sales of $1.79 billion in Q1, up 11.5 percent year over year on an "as reported" basis. On a pro forma basis Technology Solutions revenue fell 3.3 percent year over year.
"The revenue slowdown for Technology Solutions continues to be more pronounced than what we are experiencing at [the Electronics Marketing operating unit] as pro forma revenue declined in all three regions this quarter," CEO Roy Vallee said in a prepared statement.
Avnet will be taking further cost-cutting measures across the company of 3 percent to 5 percent, said Paget.
Avnet results
|
|
Current Quarter
|
Year-Ago Quarter |
|
Revenues
(as reported)
(as reported) (as reported) |
$4,494
|
$4,099
|
|
Revenues
(pro forma)
|
$4,495
|
$4,455 |
|
Net income
Net income Net income |
$93
|
$106
|
(in millions)
"The cuts will be very prescriptive," Paget said. "We don't peanut butter these. We look toward businesses that are performing and those that are not, and deal with those that are not performing.
"We are doing a lot around freight costs," he added. "I do a lot more videoconferencing than I've ever done in the past to cut down on travel. Certainly there may be some headcount reductions."
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