Avnet Q3 Results announced, terms its with double-digit growth. After wrapping up a solid third quarter, Avnet Q3 Results number tell a pretty compelling story. Sales hit $7.1 billion, up 34% from the same time last year and 13% from last quarter.
That kind of double-digit growth, both year-over-year and sequentially, is exactly what the company was hoping to see, and frankly, it came in ahead of what they expected.
Some of The Standout Numbers from Avnet Q3 Results
Diluted EPS came in at $1.14, up 13% year-over-year and 52% from last quarter. On an adjusted basis, EPS jumped to $1.48, a 76% jump year-over-year. Operating margins improved too, with the adjusted figure reaching 3.1%.
Farnell, Avnet’s smaller segment, had its sixth straight quarter of margin expansion, reaching 5.2%.
Inventory also got leaner, days of inventory dropped to 77, hitting the company’s near-term target of staying below 80.
What’s Coming Next
For Q4, Avnet is guiding for sales between $7.3 and $7.6 billion, with adjusted EPS expected to land between $1.70 and $1.80.
That implies about 5% sequential growth at the midpoint, a sign the momentum isn’t letting up anytime soon.
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