Avnet, Inc. reported sales of $5.66 billion for the second quarter of fiscal year 2025, a 9% decrease year-over-year. Diluted earnings per share (EPS) stood at $0.99, while adjusted diluted EPS was $0.87, representing a 38% decline compared to the prior year.
The company's operating income margin was 2.7%, with an adjusted operating income margin of 2.8%, down 108 basis points year-over-year. Regional performance showed Americas sales down 14% and EMEA sales down 25%, while Asia sales increased by 8%. Electronic Components sales decreased 9%, and Farnell sales declined 12%.
Despite the sales decline, Avnet reported strong net cash provided by operating activities of $585.0 million for the first nine months of FY25, driven by a $362 million quarter-over-quarter decrease in inventory to $5.3 billion. For the third quarter of fiscal 2025, Avnet guided for sales between $5.05 billion and $5.35 billion, and adjusted diluted EPS between $0.65 and $0.75, assuming continued lower sales in EMEA and flattish trends in Asia and the Americas in constant currency.
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