Avnet CEO: Resilience Of Tech Spending Is In Really Good Shape Right Now

Phoenix-based distributor of electronic components and enterprise computers and storage products Avnet, Inc. AVT declared its second-quarter results last Thursday, earnings were up 8.5p year- over-year to $1.25 per share. Rick Hamada, Avnet CEO, was on CNBC to provide insight on company’s strong quarterly results.

How Did You Managed To Do So Well In Europe?

“I think we have talked in past quarters about the momentum we have build in our components business in Europe and yes once again if you take currency out of the equation they were up 7p year on year,” Hamada said. “Its combination of excellent execution as well as taking advantage of some new opportunities, some new investments we have made such as our MSC acquisition and it’s also about gaining some market share.”

He continued, “We are executing very, very well and our computer business which has had less success on overall growth for the past few quarters, our core-IT business was in positive organic growth territory for the first time in a number of quarters.”

Isn’t This Supposed To Be A Weak Season For Tech?

“December quarter is typically the big IT quarter in any calendar year, Hamada said. “But I would tell you the resilience of tech spending is in really good shape right now because there are so many exciting new innovations taking place, many of those now in the data centres. When it comes to service, storage, network, converge solutions and new software to find elements of those data centres solutions that is driving a very consistent, a resilient investment refresh going on in the data centres of the 21st century”