Dubai, 17th August 2010 – Fueled by the sharp cyclical recovery in the technology markets, Avnet Inc. reported record revenue and earnings per share results in the fourth quarter of fiscal year 2010 on 11 August 2010. The company emerged from the global recession stronger, and with increased scale and scope. Avnet’s quarterly revenue increased 38.5% year over year to a record $5.21 billion, with fiscal year 2010 revenue growing by 18.1% year over year to a record $19.16 billion.

Avnet’s earnings increased by 187.5% to a record $0.92 adjusted diluted earnings per share in the fourth quarter of fiscal year 2010, compared to the same quarter in fiscal 2009.

Guided by the principles of value-based management and operational excellence, Avnet’s team translated the company’s strong top-line performance into significant gross profit margin expansion, productivity gains and operating income margin growth. Of note is the sequential and year-over-year improvement in gross profit margin, a critical financial metric that the Avnet team has been working hard to recover.

In the fourth quarter of fiscal 2010, the Avnet Technology Solutions operating group experienced better than normal seasonal growth; reported double digit year-over-year sales growth for the third consecutive quarter; and saw pro forma revenue grow 10% sequentially and 25% year over year.

Avnet Technology Solutions’ operations in the Americas saw year-over-year growth rates accelerate for the third consecutive quarter, growing 26.7% to reach $1.286 billion. Asia revenue increased by 70% to $267.4 million. Excluding the impact of foreign currency, Avnet Technology Solutions’ operations in the EMEA region saw pro forma or organic revenue grow 8% sequentially and nearly 20% year over year to reach $534.6 million while delivering significant improvements in operating income margin. During the quarter, Avnet Technology Solutions’ EMEA operations delivered the first sign of meaningful growth since the downturn.

At the product level, Avnet Technology Solutions’ server sales growth was particularly strong, as revenue increased 30% sequentially and 29% year over year.

In addition, Avnet, Inc. continues to leverage its strong balance sheet to execute value-creating acquisitions to enhance its competitive position in the market and expand its global scale and scope, enabling the company to deliver additional benefits to its trading partners. A disciplined approach to working capital management ensured strong cash flow from operations at Avnet throughout the downturn. As a result, Avnet ended fiscal year 2010 with $1.1 billion in cash and cash equivalents. This has enabled the company to make strategic acquisitions to strengthen its competitive advantage, such as the acquisitions of Bell Microproducts Inc., and Tallard Technologies in July 2010.  For more details, visit http://ir.avnet.com/