Avnet reports Q1 adjusted EPS 84c, consensus 81c

Reports Q1 revenue $5.9B, consensus $5.73B. “In the first quarter, our sales and earnings exceeded our expectations, led by double-digit year-over-year sales growth in Farnell and Asia,” said Avnet (AVT) CEO Phil Gallagher. “While uncertainty continues to impact the market, we remain optimistic about the increasingly positive signs of recovery. Our durable business model, coupled with our strong, diverse supplier line card and customer base, position Avnet to create long-term value for all our stakeholders.”