Avnet reports Q2 adjusted EPS $1.05, consensus 95c

Reports Q2 revenue $6.32B, consensus $6.03B. “We delivered year-over-year sales growth across all of our Electronic Components regions and Farnell, and both total Company revenue and earnings per share were above our expectations. Sequentially, our adjusted operating income grew two times faster than sales, demonstrating the expected leverage in our business model. Our team’s continued commitment to optimizing inventory and driving operational excellence also enabled us to generate operating cash flow and reduce days of inventory this quarter,” said Avnet (AVT) Chief Executive Officer Phil Gallagher. “The trends we see are encouraging, and our third quarter outlook implies above-trend seasonal growth and improving margins.”