Avnet's Q2 results show it doing better in Europe than in the Americas. Reported revenue globally declined 3.5% year over year to $3.1bn, but the Asia business revenues of $440m were up 30%. EMEA reported revenues were down 3.8%.
New CEO Rick Hamada (pictured) says: "TS leveraged the typical year-end seasonality into improved profitability, both sequentially and year over year, with all three regions contributing meaningfully. In EMEA, our continuing focus on profitable growth and restructuring initiatives combined to drive operating income up 30% and operating income margin up 92 basis points year over year, even as pro forma revenue declined 5% in constant currency."
Globally industry standard servers and software revenue grew more than 35% year over year while storage revenue grew more than 20%
Operating income margin increased 56 basis points year over year to 3.8%, representing the third consecutive quarter of improvement.