Global technology distributor Avnet has skyrocketed up 24 places on the Fortune 500 list thanks to sales of $26.5bn worldwide in the last fiscal year.
The revenue jump represents a 38 percent increase on 2010. Profit also grew significantly, up 63 percent on the previous year to $669m.
The company now sits at number 108 on the 2012 list of largest US companies.
Rival distributors Ingram Micro and Synnex were also named in the top 500, coming in at 81 and 253 respectively.
Synnex echoed Avnet’s success, rising 28 spots as a result of a 21 percent jump in revenue to $10.4bn. Profit was also up 17 percent to $150m.
Ingram Micro fell six spots from its previous ranking of 75 to 81, corresponding with a 23 percent drop in profit to $244m. Revenue rose five percent to $36bn.
Avnet’s fiscal success in 2011 earned it a mention as Fortune’s most admired in the electronics wholesaler category, for the fourth straight year.
"We are proud that our long-term, disciplined approach to profitable growth, both organically and through value-creating acquisitions, is reflected in our 2012 ranking," Avnet CEO Rick Hamada, said in a statement.
"Avnet's continued rise on the FORTUNE 500 list is a direct result of our team's commitment to accelerating the success of our valued customer and supplier partners around the globe."
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Issue: 326 | April 2014
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