Phoenix-based electronics distributor Avnet reported record fiscal first-quarter sales of $10.72 billion, up 81.7% year-over-year and 29.2% from the preceding quarter, according to results released Nov. 4.

The quarter ended Oct. 3 contained 14 weeks, compared with 13 weeks in both comparison periods. Excluding the extra week, sales increased 71% year-over-year and 21% sequentially.

Avnet said demand increased across all end markets, led by data center and computing, aerospace and defense, and networking. Lead times trended higher across most product categories, while book-to-bill ratios were well above 1.0 in every region. Pricing increased during the quarter, with substantially all of that increase tied to memory products.

CEO Phil Gallagher cited stronger demand and execution across Avnet’s businesses, highlighting continued growth in industrial, aerospace and defense, transportation, and AI and data center applications.

Operating profit more than tripled to $474.7 million from $142.0 million a year earlier, with operating margin expanding to 4.4% from 2.4%. Adjusted operating profit increased 231% to $498.1 million, while adjusted operating margin rose to 4.7% from 2.6%. Net income climbed to $282.2 million from $51.7 million.

Avnet’s Electronic Components business posted sales of $10.13 billion, up 84% year-over-year. Segment operating profit reached $484 million, with operating margin improving to 4.8% from 2.9%.

Farnell sales increased 46% to a record $583 million. Its operating profit reached $59 million, with operating margin expanding to 10.1% from 4.3%.

By geography, quarterly sales increased across all three regions:

• Americas: $2.86 billion, up 109% year-over-year.
• Europe, Middle East and Africa: $2.74 billion, up 64%.
• Asia: $5.12 billion, up 79%.

Inventory increased $2.1 billion sequentially to $8.2 billion, although inventory days remained nearly unchanged at 72. Net working capital days declined to 64 from 69 in the preceding quarter.

For its fiscal second quarter ending Jan. 2, 2027, Avnet expects sales of $11.1 billion-$11.4 billion. The $11.25 billion midpoint implies approximately 5% sequential growth, or 12% after adjusting for the first quarter’s extra week. The outlook assumes similar market conditions and component availability from suppliers.