HOUSTON, Feb. 2, 2022 /PRNewswire-PRWeb/ -- Smith, a leading global distributor of electronic components and semiconductors, today announces its year-end financial results and growth summary for 2021. The company surpassed $3.4 billion in total revenue for the fiscal year, more than doubling its sales from 2020.
"Over the past year, Smith has reached new and unprecedented heights, and we are building momentum as we head into 2022," said Lee Ackerley, Smith's Co-Founder and Director. "We look forward to continued growth and innovation as we explore new opportunities to better serve our customers."
As the ongoing semiconductor shortages continue to affect nearly every industry, Smith has grown its customer base by 44 percent over the previous year, supporting companies worldwide that are navigating the open market for the first time in search of crucial components. The company has also widened its product offerings and saw a 30 percent increase in unique part numbers shipped over 2020. Demand for integrated circuit (IC) components has been especially high, with year-over-year sales increasing by more than 1,000 percent.
"Shortage sourcing is a cornerstone of Smith's business, and our decades of industry data, global supplier base, and expert trading team have positioned us as a leader and invaluable partner in the current market," said Marc Barnhill, Chief Trading Officer at Smith. "2021 created massive disruptions in the semiconductor supply chain, but Smith's flexible solutions have helped our customers mitigate these challenges."
To accommodate this tremendous growth, Smith increased its total workforce by 38 percent last year, more than doubling the number of new hires over 2020. The company opened a new office in Berlin, Germany, bringing its total number of global locations to 17. Smith also increased the footprints of its Hong Kong sales office and distribution center by 40 percent and 70 percent, respectively.
The company invested more than $1.1 million in equipment and process automation across its three distribution centers in Houston, Hong Kong, and Amsterdam last year. The launch of multiple innovative tools – including a new company website, a virtual tour of Smith's Houston operational facilities, and upgrades to the company's proprietary SWIPE® data-wiping service – have also helped to fuel Smith's advancement in the industry.
"2021 was a banner year for Smith, and we are ready to take on even bigger and more exciting opportunities in 2022," said Bob Ackerley, Smith's Co-Founder and Director. "Our expansions and investments – from our skilled workforce and global footprint to our state-of-the-art equipment and pioneering, data-centric digital tools ¬– will allow us to continue to build new relationships and strengthen our existing partnerships worldwide."
Quality remained a central focus for Smith in 2021. The company launched its 4Cs quality framework last February, which outlines the four pillars of quality that serve as the foundation for Smith's operations – comprehensiveness, consistency, continuousness, and certification.
"We have always maintained a proactive approach to quality, and, in the current shortage market, that's been more important than ever before," said Bob. "Guided by the tenets of our 4Cs framework, Smith has gone above and beyond to ensure that the quality, authenticity, and security of our customers' components exceed the highest standards."
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 Distributors
- #1 Houston Business Journal Largest Family-Owned Business
- #8 SourceToday Top Distributor
- #8 Chron.com Best Private Companies
- #10 ESM China Top International Electronic Distributor
- #12 Houston Business Journal Best Places to Work
Additionally, ASPENCORE named Smith as Outstanding Supply Chain Services Provider and Outstanding International Branded Distributor.
Smith trading directors Megan Pedigo and Jennifer Kabbara were named among the winners of Supply & Demand Chain Executive's 2021 Women in Supply Chain award, honoring their accomplishments within the supply chain network.
Houston Business Journal also named Smith an Outstanding Diversity Helping Hand in recognition of Smith's dedication to promoting the advancement of diversity and inclusion.
"We are honored to have received such distinguished accolades over the past year, not just in terms of Smith's sales and growth, but also in recognition of our employees' successes and wellbeing," said Lee. "When our people are thriving, so is Smith, and we will keep reinvesting in our people and processes in our pursuit of continuous improvement."
Looking ahead to 2022, the company has plans to open a second, 30,000-square-foot space in Houston that will process commodities from Smith's IT asset disposition arm. Additionally, a new 20,000-square-foot operational hub in Singapore is slated for later this year.
"While the supply chain challenges of 2021 continue into 2022, so do the creativity and innovation that manufacturers and suppliers have brought to bear to meet these challenges," said Marc. "Proactive, expert, and dedicated strategies will continue to make the difference and keep production moving across industries and around the world."
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 directional drilling systems. In 17 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 $3.4 billion in 2021. 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, and Amsterdam 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 eight 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.
Media Contact
Rich Witmer, Smith, +1 713.430.2141, [email protected]
SOURCE Smith
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