The company's expansions and investments support its worldwide growth
HOUSTON, Feb. 27, 2023 /PRNewswire-PRWeb/ -- Smith, a leading global distributor of electronic components and semiconductors, today announces its year-end financial results and growth summary for 2022. The company earned $4.8 billion last year, surpassing its 2021 revenue numbers by more than 40 percent, and made substantial investments in global expansion.
"Smith had our best year ever in 2022," said Bob Ackerley, Co-Founder and Director at Smith. "As a leader in the semiconductor-distribution industry for nearly four decades, we have seen many of the world's largest electronics manufacturers come to us for solutions over the last few years. Across the company, our people have worked day and night to fill our customers' critical shortages."
Over the last five years, Smith has earned more than $12.6 billion in global revenue, tripling its global revenue of the previous five years. In that same timeframe, the company has shipped more than 9.5 billion electronic components, a 350-percent increase over the previous five years.
The company saw a 100-percent year-over-year increase in sales of both integrated circuit (IC) components and SSDs. Additionally, IC sales over the last five years are fifteen times higher than the previous five years.
"As the products we use every day become increasingly smarter, the demand for components to power them has skyrocketed," said Lee Ackerley, Co-Founder and Director at Smith. "Through a combination of our broad global outlook, extensive data analytics, and incisive market expertise, Smith has stayed ahead of the shortages to connect our customers with the parts they need to build tomorrow's innovations."
Smith's achievements earned the company and its employees numerous awards and recognitions throughout the year. Notable rankings include:
- #1 Electronics Sourcing North America Top Independent Distributor
- #1 Houston Business Journal Largest Family-Owned Business
- #7 SourceToday Top Distributor
- #5 Houston Chronicle Best Private Companies
- #12 ESM China Top International Electronic Distributor
Additionally, Smith was named Featured Electronic Components Distributor by EE Awards Asia, Outstanding International Branded Distributor by ASPENCORE, and Inc. Best in Business.
Chief Trading Officer, Marc Barnhill, and Chief Operating Officer, Kirk Wehby, were both named among the winners of Supply & Demand Chain Executive's 2022 Pros to Know, honoring their leadership and commitment to innovation and growth.
"We are proud to be recognized for the monumental achievements of both Smith and our employees," said Bob. "The commitment and ingenuity that our workforce and leadership have brought to Smith have propelled us to new heights, and we celebrate the many successes we have had this past year as a result of those efforts."
Smith has focused heavily on increasing its global presence, including opening a new sales office in Maidenhead, UK and relocating or expanding its existing sales offices in Guadalajara, Hong Kong, Shenzhen, Cluj-Napoca, and Berlin.
"Our sales teams and industry experts have put us at the forefront of the semiconductor supply chain," said Marc. "As market trends emerge and develop around the world, we are prepared with a legion of talented localized support for our customers to offer immediate, best-in-class service."
The company also significantly expanded its operational footprint. Its global services hub in Houston, Texas opened in June, offering 30,000 square feet (2,787 square meters) to house Smith's US-based IT asset disposition (ITAD) services, which were previously operating out of the company's flagship distribution center. Smith completed the renovation of its Houston hub a few months later, increasing the size of its functionality and authenticity test labs by 43 percent and 139 percent, respectively.
"Smith's full suite of testing capabilities is a hallmark of our quality program and a major draw to our customers," said Kirk. "With the additional space, we have been able to expedite our services while maintaining our impeccable standards for quality excellence."
The company opened its fourth distribution center, located in Singapore, in early 2023. The 20,000-square-foot (1,858 square-meter) facility mirrors Smith's hubs in Houston, Hong Kong, and Amsterdam, offering state-of-the-art testing, inspection, and storage for components. Worldwide, Smith has invested more than $4 million in new testing equipment to double testing capacity across its operations.
"We have expanded our worldwide operational space by more than 70 percent in the last year to meet the increasing demand for semiconductors across industries," said Kirk. "Our new Singapore hub and equipment investments will help us continue to offer premier support to our growing global customer base."
Smith had the opportunity to attend and exhibit at fourteen tradeshows in 2022, including Electronica Munich in November. These shows offered numerous opportunities for Smith representatives to demonstrate the company's comprehensive supply chain solutions, including shortage sourcing and lifecycle management, as well as its leading, systems-based quality program.
"In the wake of the COVID-19 pandemic, we are grateful to be able to connect with our customers in person again," said Mark Bollinger, Chief Globalization Officer. "As we head into 2023, we are excited for even more opportunities to meet our existing and potential customers around the world."
The company increased its workforce by 18 percent worldwide and is continuing to grow. Smith also received numerous awards recognizing its company culture and employee satisfaction, including:
- JobMarket Employer of Choice Award
- JobMarket Employee Engagement Award
- JobMarket Asia Pacific Employer Award
- HR Asia Best Companies to Work for in Asia
- #60 Comparably Best Company Compensation List
- #71 Comparably Best Company Culture List
- #83 Comparably Best Company Perks & Benefits List
- #87 Comparably Best CEOs for Diversity
- #93 Comparably Best Companies for Diversity
"Our employees are one of Smith's greatest assets, and we invest in them accordingly," said Mark. "From our comprehensive training and mentorship programs and leadership-development opportunities to our generous benefits and welcoming environment, we equip our employees with the tools and resources they need to achieve success, both for Smith and for themselves."
As Smith's business continued to flourish, its corporate social responsibility efforts grew in tandem. The company donated more than $750,000 in electronics to organizations providing aid to Ukrainian refugees. The company's employees also raised $30,000 for World Central Kitchen, which provides meals to communities facing natural disasters and humanitarian crises, and Smith provided an additional $25,000 donation, bringing the total contribution to $55,000.
"Success at Smith is defined by more than our bottom line," said Lee. "We strive to be an exemplary corporate citizen in our global communities and provide support not only to our customers but also to those impacted by world crises and other difficult challenges."
Looking ahead to 2023, Smith will continue its investments to drive efficiency and effectiveness across the company's departments and locations.
"2022 has been a year unlike any other, but we are far from finished," said Marc. "Our commitment to continuous improvement remains steadfast, and we head into 2023 ready to develop and implement new ways to better serve our global customers. Thank you for your partnership, and we look forward to building new opportunities to connect your supply chains in the years to come."
About Smith
Founded in 1984, Smith sources, manages, and distributes the electronic components that go into everything from mobile phones and computers to appliances and automobiles. In 19 cities around the world, Smith's legion of employees communicates in 50 languages and dialects and buys and sells components 24 hours per day, generating global annual sales in excess of $4.8 billion in 2022. Smith is always moving: helping manufacturers navigate market shifts; customizing supply chain solutions; testing components using cutting-edge technology. The support of Smith's flexible Intelligent DistributionTM model optimizes customers' supply chains from beginning to end, including offering customized options for IT asset disposition that deliver maximum ROI, sustainability, and security. Smith's testing and logistics hubs in Houston, Hong Kong, Amsterdam, and Singapore cover critical areas like quality management, counterfeit prevention, and environmental safety. Smith's operations, purchasing, and sales worldwide are seamlessly integrated with the company's global IT infrastructure, offering real-time, global inventory and logistics visibility. Smith is the leading independent distributor of electronic components and ranks number seven among all global distributors. For more information, please visit http://www.smithweb.com or reach out to a Smith representative any time of day at +1 713.430.3000.
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Media Contact
Rich Witmer, Smith, 17134302141, [email protected]
SOURCE Smith
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