Feeds

Articles about Rick Hamada

US giant Avnet plots cost slash fest in EMEA enterprise tech arm

The EMEA wing of enterprise distie Avnet Technology Solutions is again in cost-cutting mode after a double-digit sales dive blighted a growth spurt across the pond as local PC system builders missed out on the XP refresh. Revenues for Q4 of fiscal’14 ended 28 June were $2.73bn, up 0.3 per cent on an organic basis, or 4.2 per …
Paul Kunert, 07 Aug 2014
data centre

Order delays hit Avnet Tech Solutions' results, profits slide

The postponement of projects in North America led to "weaker than expected" results at Avnet's enterprise IT wing, Technology Solutions, as ops in EMEA continued to limp along during fiscal Q3 ended 29 March. At group level, Avnet Inc - which comprises TS and Electronics Marketing (EM) - reported sales of $6.68bn, rising 6.1 per …
Paul Kunert, 25 Apr 2014

Restructuring costs drag down Avnet's Q2 profits

The better start to fiscal '14 at Avnet Inc is continuing though EMEA remains the damp patch for the enterprise tech side of the house and component sales in the Americas were weaker than expected. If revenue gains are the measure of success - which they frequently are in wholesaler land - then Avnet did well, with group …
Paul Kunert, 23 Jan 2014

Cost slashing and biz tweaking lift Avnet from its doldrums

If Avnet's CEO gave his troops a stern talking to following a disappointing fiscal 2013, then they will have breathed a sigh of relief after numbers for the opening three months of the new financial year were filed. The enterprise distie has reported sales of $6.34bn, up 8.1 per cent year-on-year for the period ended 28 …
Paul Kunert, 24 Oct 2013
Avnet TS

Annus Horribilis for Avnet Inc

Enterprise tech distie Avnet closed off fiscal '13 on a relative high - well sort of - but the single digit sales hike came too late in the day for management to characterise the year as one of progress. The sector bellwether posted Q4 numbers for the three months ended 29 June showing a 4.5 per cent year-on-year rise in revenue …
Paul Kunert, 07 Aug 2013

Enormo-distie Avnet's profits nosedive FORTY PER CENT

Avnet chief Rick Hamada said his IT distribution giant will need to cut another $40m in costs to turn itself around - after its net income dropped nearly 42 per cent in its fiscal third quarter. Hamada said the new cost reductions should be done by the end of the next quarter, bringing its entire savings for this fiscal year to …
Avnet TS

Avnet CEO: Sales flat, profit down... but 'outlook' is better

Avnet's CEO says the distributor is moving in the right direction after reporting fiscal Q2 numbers that were dramatically better than the opening three months of its new financial year. Sales came in essentially flat on a year ago period at $6.7bn but contain the financials of four firms acquired in October and November …
Paul Kunert, 24 Jan 2013

Avnet 'evaluating resource commitments' as times stay tough

Avnet is looking to cut up to $50m off its expenses bill and reduce the workforce after releasing preliminary results for fiscal Q1 that show a near double digit sales slide. The distributor says turnover will be approximately $5.85bn, down nine per cent year-on-year for the period ended 29 September, and it's the Technology …
Paul Kunert, 11 Oct 2012
Avnet TS

Avnet looking to cut costs AGAIN

Avnet CEO Rick Hamada has described fiscal Q1 numbers as a "disappointing setback" with profits falling steeply and further cost cutting required. The distie titan already revealed plans to lop a load of costs to help out the bottom line when it unveiled preliminary Q1 figures early this month, with sales down nine per cent to $ …
Paul Kunert, 25 Oct 2012
Avnet TS

Avnet Q4 sales, profit hit as resellers keep wallets shut

Avnet sales and profit in Q4 slumped across both its components and tech solutions businesses on the back of a summer slowdown in reseller spending and a blistering currency headwind. Turnover for the period ended 30 June fell 8.8 per cent to $6.3bn, operating profit dropped by just over a fifth to $213.4m and net profits sunk …
Paul Kunert, 08 Aug 2012
Avnet TS

Avnet TS sales slide but operating income up

Distribution Goliath Avnet Technology Solutions suffered a double-digit revenue slide across EMEA but boosted operating profits after cost-cutting and pursuing only margin-boosting biz in its fiscal Q3. TS, the enterprise wing of Avnet Inc, saw global turnover for the quarter ended 31 March fall 8.1 per cent to $2.52bn, but …
Paul Kunert, 26 Apr 2012
channel

Europe is computer biz disaster zone, says Avnet

Avnet's top line growth stalled in Q1 largely due to the testing macroeconomic landscape in the Europe, the Middle East and Africa (EMEA) after seven consecutive quarters of increases. Pro-forma revenues for the trading period ended 1 October were flat on a constant currency basis at $6.4bn (£4bn), operating profit was up 14.7 …
Paul Kunert, 27 Oct 2011
arrow pointing up

Oracle biz-pusher Paul Young leaves Avnet TS

Avnet has commenced the search for a successor to Oracle business unit director Paul Young, who is moving to Hamilton Rentals as UK sales director. Young joined US enterprise distie Avnet in 2008 when it acquired independent Horizon Technology, formerly Clarity Technology, for €101.3m. John Toal veep and and country manager at …
Paul Kunert, 17 Apr 2012
channel

Avnet sales dampened by slippery EMEA market

The integration of acquisitions and a "tepid recovery" in the local tech market saw Avnet EMEA sales slide in Q4 but less challenging conditions in the rest of its world-wide operations more than made up for the dip. The distributor pushed up global revenues 32.6 per cent to $6.9bn for the period ended 3 July, while organic …
Paul Kunert, 10 Aug 2011
The Register breaking news

Avnet veep resigns following Compaq fraud suit

A senior executive at Avnet Computer Marketing resigned last Friday amid allegations that the company used counterfeit components in Compaq PCs. The resignation of Bob Nail, supply-chain management vice president at Avnet, has been accepted by the company's president, Rick Hamada. Nail had worked at Phoenix, Arizona based Avnet …
John Leyden, 29 May 2003