Avnet reports Q2 adjusted EPS 87c, consensus 88c

Reports Q2 revenue $5.66B, consensus $5.56B. “In the second quarter, we delivered sales and earnings within expectations, while continuing to make good progress managing the factors within our control,” said Avnet (AVT) CEO Phil Gallagher. “Our team’s focus on optimizing inventory and effective operations allowed us to deliver another strong quarter of operating cash flow. Although market conditions are challenging, the value we add at the center of the technology supply chain has never been more important. We remain focused on helping connect our suppliers’ technology solutions to the increasingly complex requirements of our customers.”