Avnet, Inc. (NASDAQ:AVT) Q1 2023 Earnings Conference Call October 26, 2022 4:30 PM ET

Company Participants

Joe Burke - Vice President, Treasury and Investor Relations

Phil Gallagher - Chief Executive Officer

Ken Jacobson - Chief Financial Officer

Conference Call Participants

Melissa Fairbanks - Raymond James

Matt Sheerin - Stifel

Jim Suva - Citigroup

William Stein - Truist Securities

Ruplu Bhattacharya - Bank of America

Joseph Cardoso - JPMorgan

Operator

Please standby. Our presentation will now begin. Welcome to the Avnet First Quarter Fiscal Year 2023 Earnings Conference Call.

I would now like to turn the floor over to Joe Burke, Vice President of Treasury and Investor Relations for Avnet.

Joe Burke

Thank you, Paul. Earlier this afternoon, Avnet released financial results for the first quarter fiscal year 2023. The release is available on the Investor Relations section of the company’s website. A copy of the slide presentation that will accompany today’s remarks can be found via the link in the earnings release, as well as on the IR section of Avnet’s website.

Some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.

Such forward-looking statements are not the guarantee of performance and the company’s actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in Avnet’s most recent Form 10-Q and 10-K and subsequent filings with the SEC.

These forward-looking statements speak only as of the date of this presentation and the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this presentation.

Today’s call will be led by Phil Gallagher, Avnet’s CEO; and Ken Jacobson, Avnet’s CFO.

With that, let me turn the call over to Phil Gallagher. Phil.?

Phil Gallagher

Thank you, Joe. And thank you everyone for joining us on our first quarter fiscal year 2023 earnings conference call. In the prior fiscal year, we delivered record results and continue to take strategic steps to position Avnet as a more durable company with an increasingly critical role in the global technology supply chain.

We are well positioned to continue to deliver value to our customers, suppliers and shareholders, even in the face of a more challenging and uncertain operating environment. I am pleased to share that we kicked off the fiscal year with another quarter of solid financial results, including meaningful sales growth across all regions and improved profitability year-over-year. We achieved these results despite the macro headwinds affecting certain areas of our business, which I will touch on in a minute.