Fiscal year 2023 sales of $26.5 billion and
record diluted EPS of $8.26
Fourth quarter sales of $6.6 billion exceeded
guidance
Electronic components fourth quarter operating
income margin of 5.1%
Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth
quarter and fiscal year ended July 1, 2023.
Commenting on the Company’s financial results, Avnet Chief
Executive Officer Phil Gallagher stated, “Our strong financial
results in fiscal 2023 demonstrate the dedication and commitment of
our employees in driving profitable growth. With the breadth of our
supplier line card, our diversified customer base and the strength
of the end markets they serve, we are well-positioned to capitalize
on the industry growth expected over the next several years.
Although we can’t control near-term market conditions, our team
will continue to focus on executing well in the market.”
Fiscal Fourth Quarter Key Financial Highlights:
- Sales of $6.6 billion up 2.9% year over year from $6.4 billion.
- On a constant currency basis, sales increased 2.9% year over
year.
- Diluted earnings per share of $1.68, compared with $2.51 in the
prior year quarter.
- Adjusted diluted earnings per share of $2.06, compared with
$2.07 in the prior year quarter.
- Higher interest expense negatively impacted year-over-year
adjusted diluted earnings per share by $0.39.
- Operating income margin of 4.3%, decreased 14 basis points year
over year.
- Adjusted operating income margin of 4.8%, increased 26 basis
points year over year.
- Year-over-year adjusted operating income grew three times
greater than sales.
- Electronic Components operating income margin of 5.1%,
increased 77 basis points year over year.
- Farnell operating income margin of 8.1% decreased 90 basis
points sequentially.
- Generated $234.5 million of cash flow from operations during
the quarter.
- Returned $26.5 million to shareholders in dividends during the
quarter.
Fiscal 2023 Key Financial Highlights:
- Sales of $26.5 billion up 9.2% year over year from $24.3
billion.
- On a constant currency basis, sales increased 13.4% year over
year.
- Diluted earnings per share of $8.26, compared with $6.94 in the
prior year.
- Adjusted diluted earnings per share of $8.06, compared with
$6.93 in the prior year.
- Higher interest expense negatively impacted year over year
adjusted diluted earnings per share by $1.24.
- Operating income margin of 4.5%, increased 61 basis points year
over year.
- Adjusted operating income margin of 4.6%, increased 55 basis
points year over year.
- Year-over-year adjusted operating income grew more than 2.5
times greater than sales.
- Electronic Components operating income margin of 4.8%,
increased 89 basis points year over year.
- Farnell operating income margin of 9.5% decreased 388 basis
points year over year.
- Returned $106 million to shareholders in dividends during the
fiscal year.
- Returned $213 million to shareholders in the fiscal year from
share repurchases, representing 5.3% of outstanding shares.
Key Financial Metrics
($ in millions, except per share data)
Fourth Quarter Results (GAAP)
Jun – 23
Jun – 22
Change Y/Y
Mar – 23
Change Q/Q
Sales
$
6,554.6
$
6,372.7
2.9
%
$
6,514.6
0.6
%
Operating Income
$
283.7
$
284.7
(0.4
)%
$
313.6
(9.6
)%
Operating Income Margin
4.3
%
4.5
%
(14
)bps
4.8
%
(48
)bps
Diluted Earnings Per Share (EPS)
$
1.68
$
2.51
(33.1
)%
$
2.03
(17.2
)%
Fourth Quarter Results
(Non-GAAP)(1)
Jun – 23
Jun – 22
Change Y/Y
Mar – 23
Change Q/Q
Adjusted Operating Income
$
312.6
$
287.6
8.7
%
$
314.5
(0.6
)%
Adjusted Operating Income Margin
4.8
%
4.5
%
26
bps
4.8
%
(6
)bps
Adjusted Diluted Earnings Per Share
(EPS)
$
2.06
$
2.07
(0.5
)%
$
2.00
3.0
%
Segment and Geographical Mix
Jun – 23
Jun – 22
Change Y/Y
Mar – 23
Change Q/Q
Electronic Components (EC) Sales
$
6,109.2
$
5,930.4
3.0
%
$
6,059.6
0.8
%
EC Operating Income Margin
5.1
%
4.3
%
77
bps
5.0
%
4
bps
Farnell Sales
$
445.4
$
442.3
0.7
%
$
455.0
(2.1
)%
Farnell Operating Income Margin
8.1
%
14.2
%
(614
)bps
9.0
%
(90
)bps
Americas Sales
$
1,732.7
$
1,618.4
7.1
%
$
1,714.9
1.0
%
EMEA Sales
$
2,450.6
$
2,064.0
18.7
%
$
2,393.4
2.4
%
Asia Sales
$
2,371.3
$
2,690.3
(11.9
)%
$
2,406.3
(1.5
)%
_______________
(1)
A reconciliation of non-GAAP financial
measures to GAAP financial measures is presented in the “Non-GAAP
Financial Information” section of this press release.
Outlook for the First Quarter of Fiscal 2024 Ending on
September 30, 2023
Guidance Range
Midpoint
Sales
$6.15B – $6.45B
$6.30B
Adjusted Diluted EPS
$1.45 – $1.55
$1.50
The above guidance is based upon current market conditions and
implies a sequential growth rate range of down 2% to down 6% and
assumes a mix shift in sales to Asia from the Western regions.
The above guidance also excludes restructuring, integration and
other expenses, amortization of intangibles, gains on legal
settlements and certain income tax adjustments. The above guidance
assumes similar interest expense to the fourth quarter and an
effective tax rate of between 22% and 26%. The above guidance
assumes 93 million average diluted shares outstanding and average
currency exchange rates as shown in the table below:
Q1 Fiscal
2024
Q4 Fiscal
Q1 Fiscal
Guidance
2023
2023
Euro to U.S. Dollar
$1.10
$1.09
$1.01
GBP to U.S. Dollar
$1.28
$1.25
$1.18
Today’s Conference Call and Webcast Details
Avnet will host a conference call and webcast today at 1:30 p.m.
PT / 4:30 p.m. ET to discuss its financial results, provide a
business update and answer questions.
- Live conference call: 877-407-8112 (domestic) or 201-689-8840
(international)
- Conference call replay available through August 23, 2023:
877-660-6853 or 201-612-7415 and using Conference ID: 13740210
- Live and archived webcast can be accessed via Avnet’s Investor
Relations web page at: https://ir.avnet.com
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the financial condition, results of operations, and
business of the Company. You can find many of these statements by
looking for words like “believes,” “projected,” “plans,” “expects,”
“anticipates,” “should,” “will,” “may,” “estimates,” or similar
expressions. These forward-looking statements are subject to
numerous assumptions, risks, and uncertainties. The following
important factors, in addition to those discussed elsewhere in the
Company’s Annual Report on Form 10-K for the fiscal year ended July
2, 2022 and subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, could affect the Company’s future results of
operations, and could cause those results or other outcomes to
differ materially from those expressed or implied in the
forward-looking statements: geopolitical events and military
conflicts; pandemics and other health-related crises; competitive
pressures among distributors of electronic components; an industry
down-cycle in semiconductors, including supply shortages;
relationships with key suppliers and allocations of products by
suppliers, including increased non-cancellable/non-returnable
orders; accounts receivable defaults; risks relating to the
Company’s international sales and operations, including risks
relating to repatriating cash, foreign currency fluctuations,
inflation, duties and taxes, sanctions and trade restrictions, and
compliance with international and U.S. laws; risks relating to
acquisitions, divestitures, and investments; adverse effects on the
Company’s supply chain, operations of its distribution centers,
shipping costs, third-party service providers, customers, and
suppliers, including as a result of issues caused by military
conflicts, terrorist attacks, natural and weather-related
disasters, pandemics and health-related crises, warehouse
modernization, and relocation efforts; risks related to cyber
security attacks, other privacy and security incidents, and
information systems failures, including related to current or
future implementations, integrations, and upgrades; general
economic and business conditions (domestic, foreign, and global)
affecting the Company’s operations and financial performance and,
indirectly, the Company’s credit ratings, debt covenant compliance,
liquidity, and access to financing; constraints on employee
retention and hiring; and legislative or regulatory changes.
Any forward-looking statement speaks only as of the date on
which that statement is made. Except as required by law, the
Company assumes no obligation to update any forward-looking
statement to reflect events or circumstances that occur after the
date on which the statement is made.
About Avnet
As a leading global technology distributor and solutions
provider, Avnet has served customers’ evolving needs for more than
a century. Decade after decade, Avnet helps its customers and
suppliers around the world realize the transformative possibilities
of technology. Learn more about Avnet at www.avnet.com.
(AVT_IR)
AVNET, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Fourth Quarters Ended
Years Ended
July 1,
July 2,
July 1,
July 2,
2023
2022
2023
2022
(Thousands, except per share
data)
Sales
$
6,554,608
$
6,372,653
$
26,536,881
$
24,310,708
Cost of sales
5,736,586
5,593,022
23,354,738
21,345,317
Gross profit
818,022
779,631
3,182,143
2,965,391
Selling, general and administrative
expenses
506,322
494,943
1,967,305
1,994,847
Russian-Ukraine conflict related
expenses
—
—
—
26,261
Restructuring, integration and other
expenses
28,038
—
28,038
5,272
Operating income
283,662
284,688
1,186,800
939,011
Other income (expense), net
6,456
(6,160
)
9,908
(5,302
)
Interest and other financing expenses,
net
(75,056
)
(29,987
)
(250,869
)
(100,375
)
Gain on legal settlements and other
(24,669
)
—
37,037
—
Income before taxes
190,393
248,541
982,876
833,334
Income tax expense
35,138
1,718
212,048
140,955
Net income
$
155,255
$
246,823
$
770,828
$
692,379
Earnings per share:
Basic
$
1.70
$
2.54
$
8.37
$
7.02
Diluted
$
1.68
$
2.51
$
8.26
$
6.94
Shares used to compute earnings per
share:
Basic
91,493
97,309
92,043
98,662
Diluted
92,626
98,387
93,368
99,819
Cash dividends paid per common share
$
0.29
$
0.26
$
1.16
$
1.00
AVNET, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
July 1,
July 2,
2023
2022
(Thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
288,230
$
153,693
Receivables
4,763,788
4,301,002
Inventories
5,465,031
4,244,148
Prepaid and other current assets
233,804
177,783
Total current assets
10,750,853
8,876,626
Property, plant and equipment, net
441,557
315,204
Goodwill
780,629
758,833
Operating lease assets
221,698
227,138
Other assets
282,422
210,731
Total assets
$
12,477,159
$
10,388,532
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Short-term debt
$
70,636
$
174,422
Accounts payable
3,373,820
3,431,683
Accrued expenses and other
753,130
591,020
Short-term operating lease liabilities
51,792
54,529
Total current liabilities
4,249,378
4,251,654
Long-term debt
2,988,029
1,437,400
Long-term operating lease liabilities
190,621
199,418
Other liabilities
297,462
307,300
Total liabilities
7,725,490
6,195,772
Shareholders’ equity
4,751,669
4,192,760
Total liabilities and shareholders’
equity
$
12,477,159
$
10,388,532
AVNET, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Years Ended
July 1, 2023
July 2, 2022
(Thousands)
Cash flows from operating activities:
Net income
$
770,828
$
692,379
Non-cash and other reconciling items:
Depreciation
82,565
87,367
Amortization
6,048
14,959
Amortization of operating lease assets
54,392
52,881
Deferred income taxes
(37,060
)
(52,513
)
Stock-based compensation
38,781
36,738
Other, net
52,142
34,116
Changes in (net of effects from businesses
acquired and divested):
Receivables
(461,117
)
(1,132,039
)
Inventories
(1,173,124
)
(1,218,871
)
Accounts payable
(75,943
)
1,131,225
Accrued expenses and other, net
28,785
134,448
Net cash flows used for operating
activities
(713,703
)
(219,310
)
Cash flows from financing activities:
Issuance of notes, net of discounts
498,615
299,973
Repayments of public notes
—
(354,336
)
Borrowings under accounts receivable
securitization, net
258,000
274,900
Borrowings under senior unsecured credit
facility, net
728,182
—
Borrowings (repayments) under bank credit
facilities and other debt, net
(96,209
)
235,047
Repurchases of common stock
(221,730
)
(184,382
)
Dividends paid on common stock
(106,325
)
(98,490
)
Other, net
(5,777
)
(16,653
)
Net cash flows provided by financing
activities
1,054,756
156,059
Cash flows from investing activities:
Purchases of property, plant and
equipment
(194,674
)
(48,900
)
Proceeds from liquidation of Company owned
life insurance policies
—
90,384
Other, net
(16,877
)
9,815
Net cash flows (used for) provided by
investing activities
(211,551
)
51,299
Effect of currency exchange rate changes
on cash and cash equivalents
5,035
(34,046
)
Cash and cash equivalents:
— increase (decrease)
134,537
(45,998
)
— at beginning of period
153,693
199,691
— at end of period
$
288,230
$
153,693
Non-GAAP Financial
Information
In addition to disclosing financial results that are determined
in accordance with generally accepted accounting principles in the
United States (“GAAP”), the Company also discloses certain non-GAAP
financial information including (i) adjusted operating income, (ii)
adjusted operating expenses, (iii) adjusted other income (expense),
(iv) adjusted income before income taxes, (v) adjusted income tax
expense (benefit), and (vi) adjusted diluted earnings per
share.
There are also references to the impact of foreign currency in
the discussion of the Company’s results of operations. When the
U.S. Dollar strengthens and the stronger exchange rates of the
current year are used to translate the results of operations of
Avnet’s subsidiaries denominated in foreign currencies, the
resulting impact is a decrease in U.S. Dollars of reported results.
Conversely, when the U.S. Dollar weakens and the weaker exchange
rates of the current year are used to translate the results of
operations of Avnet’s subsidiaries denominated in foreign
currencies, the resulting impact is an increase in U.S. Dollars of
reported results. In the discussion of the Company’s results of
operations, results excluding this impact are referred to as
“constant currency.” Management believes sales in constant currency
is a useful measure for evaluating current period performance as
compared with prior periods and for understanding underlying
trends. In order to determine the translation impact of changes in
foreign currency exchange rates on sales, income or expense items
for subsidiaries reporting in currencies other than the U.S.
Dollar, the Company adjusts the average exchange rates used in
current periods to be consistent with the average exchange rates in
effect during the comparative period.
Management believes that operating income and operating expenses
adjusted for restructuring, integration and other expenses,
Russian-Ukraine conflict related expenses and amortization of
acquired intangible assets and other, are useful measures to help
investors better assess and understand the Company’s operating
performance. This is especially the case when comparing results
with previous periods or forecasting performance for future
periods, primarily because management views the excluded items to
be outside of Avnet’s normal operating results or non-cash in
nature. Management analyzes operating income and operating expenses
without the impact of these items as an indicator of ongoing margin
performance and underlying trends in the business. Management also
uses these non-GAAP measures to establish operational goals and, in
most cases, for measuring performance for compensation purposes.
Management measures operating income for its reportable segments
excluding restructuring, integration and other expenses,
Russian-Ukraine conflict related expenses and amortization of
acquired intangible assets and other.
Additional non-GAAP metrics management uses is adjusted
operating income margin, which is defined as adjusted operating
income (as defined above) divided by sales.
Management also believes income tax expense (benefit), net
income and diluted earnings per share adjusted for the impact of
the items described above, gain on legal settlements and other, and
certain items impacting other income (expense) and income tax
expense (benefit) are useful to investors because they provide a
measure of the Company’s net profitability on a more comparable
basis to historical periods and provide a more meaningful basis for
forecasting future performance. Adjustments to income tax expense
(benefit) and the effective income tax rate include the effect of
changes in tax laws, certain changes in valuation allowances and
unrecognized tax benefits, income tax audit settlements and
adjustments to the adjusted interim effective tax rate based upon
the expected annual adjusted effective tax rate. Additionally,
because of management’s focus on generating shareholder value, of
which net profitability is a primary driver, management believes
net income and diluted earnings per share excluding the impact of
these items provides an important measure of the Company’s net
profitability for the investing public.
Any analysis of results and outlook on a non-GAAP basis should
be used as a complement to, and in conjunction with, results
presented in accordance with GAAP.
Quarters Ended
Fiscal Year
July 1,
April 1,
December 31,
October 1,
2023*
2023*
2023
2022
2022
($ in thousands, except per
share amounts)
GAAP selling, general and administrative
expenses
$
1,967,305
$
506,322
$
498,219
$
485,127
$
477,636
Amortization of intangible assets and
other
(6,053
)
(878
)
(876
)
(1,541
)
(2,759
)
Adjusted operating expenses
1,961,252
505,444
497,343
483,586
474,877
GAAP operating income
$
1,186,800
$
283,662
$
313,629
$
298,973
$
290,537
Restructuring, integration and other
expenses
28,038
28,038
—
—
—
Amortization of intangible assets and
other
6,053
878
876
1,541
2,759
Adjusted operating income
1,220,891
312,578
314,505
300,514
293,296
GAAP income before income taxes
$
982,876
$
190,393
$
243,587
$
303,134
$
245,762
Restructuring, integration and other
expenses
28,038
28,038
—
—
—
Amortization of intangible assets and
other
6,053
878
876
1,541
2,759
Gain on legal settlements and other
(37,037
)
24,669
—
(61,705
)
—
Adjusted income before income taxes
979,931
243,978
244,463
242,970
248,521
GAAP income tax expense
$
212,048
$
35,138
$
56,161
$
59,248
$
61,501
Restructuring, integration and other
expenses
6,007
6,007
—
—
—
Amortization of intangible assets and
other
1,360
207
203
345
605
Gain on legal settlements and other
(8,711
)
5,828
—
(14,539
)
—
Income tax expense items, net
16,453
5,583
3,529
12,287
(4,946
)
Adjusted income tax expense
227,157
52,763
59,893
57,341
57,160
GAAP net income
$
770,828
$
155,255
$
187,426
$
243,886
$
184,261
Restructuring, integration and other
expenses (net of tax)
22,031
22,031
—
—
—
Amortization of intangible assets and
other (net of tax)
4,693
671
673
1,196
2,154
Gain on legal settlements and other (net
of tax)
(28,326
)
18,841
—
(47,166
)
—
Income tax expense items, net
(16,453
)
(5,583
)
(3,529
)
(12,287
)
4,946
Adjusted net income
752,774
191,215
184,570
185,629
191,361
GAAP diluted earnings per share
$
8.26
$
1.68
$
2.03
$
2.63
$
1.93
Restructuring, integration and other
expenses (net of tax)
0.24
0.24
—
—
—
Amortization of intangible assets and
other (net of tax)
0.05
0.01
0.01
0.01
0.02
Gain on legal settlements and other (net
of tax)
(0.31
)
0.20
—
(0.51
)
—
Income tax expense items, net
(0.18
)
(0.06
)
(0.04
)
(0.13
)
0.05
Adjusted diluted EPS
8.06
2.06
2.00
2.00
2.00
_______________
* May not foot/cross foot due to
rounding.
Quarters Ended
Fiscal Year
July 2,
April 2,
January 1,
October 2,
2022*
2022*
2022*
2022*
2021*
($ in thousands, except per
share amounts)
GAAP selling, general and administrative
expenses
$
1,994,847
$
494,943
$
512,364
$
501,363
$
486,178
Amortization of intangible assets and
other
(15,038
)
(2,929
)
(3,074
)
(3,796
)
(5,239
)
Adjusted operating expenses
1,979,809
492,014
509,290
497,567
480,939
GAAP operating income
$
939,011
$
284,688
$
274,408
$
211,672
$
168,243
Restructuring, integration and other
expenses
5,272
—
—
—
5,272
Russian-Ukraine conflict related
expenses
26,261
—
26,261
—
—
Amortization of intangible assets and
other
15,038
2,929
3,074
3,796
5,239
Adjusted operating income
985,582
287,617
303,743
215,468
178,754
GAAP income before income taxes
$
833,334
$
248,541
$
248,025
$
191,779
$
144,990
Restructuring, integration and other
expenses
5,272
—
—
—
5,272
Russian-Ukraine conflict related
expenses
26,261
—
26,261
—
—
Amortization of intangible assets and
other
15,038
2,929
3,074
3,796
5,239
Other expenses
4,935
4,494
—
—
441
Adjusted income before income taxes
884,840
255,964
277,360
195,575
155,942
GAAP income tax expense
$
140,955
$
1,718
$
64,608
$
40,958
$
33,672
Restructuring, integration and other
expenses
1,012
—
—
—
1,012
Russian-Ukraine conflict related
expenses
6,836
—
6,836
—
—
Amortization of intangible assets and
other
3,080
711
667
704
998
Other expenses
1,092
956
—
—
136
Income tax benefit (expense) items,
net
40,376
49,142
(8,613
)
2,917
(3,070
)
Adjusted income tax expense
193,351
52,527
63,498
44,579
32,748
GAAP net income
$
692,379
$
246,823
$
183,417
$
150,821
$
111,318
Restructuring, integration and other
expenses (net of tax)
4,260
—
—
—
4,260
Russian-Ukraine conflict related expenses
(net of tax)
19,425
—
19,425
—
—
Amortization of intangible assets and
other (net of tax)
11,958
2,218
2,407
3,092
4,241
Other expenses (net of tax)
3,843
3,538
—
—
305
Income tax (benefit) expense items,
net
(40,376
)
(49,142
)
8,613
(2,917
)
3,070
Adjusted net income
691,489
203,437
213,862
150,996
123,194
GAAP diluted earnings per share
$
6.94
$
2.51
$
1.84
$
1.50
$
1.10
Restructuring, integration and other
expenses (net of tax)
0.04
—
—
—
0.04
Russian-Ukraine conflict related expenses
(net of tax)
0.19
—
0.20
—
—
Amortization of intangible assets and
other (net of tax)
0.12
0.02
0.02
0.03
0.04
Other expenses (net of tax)
0.04
0.04
—
—
0.00
Income tax (benefit) expense items,
net
(0.40
)
(0.50
)
0.09
(0.03
)
0.03
Adjusted diluted EPS
6.93
2.07
2.15
1.51
1.22
_______________
* May not foot/cross foot due to rounding
and differences in average diluted shares between quarterly periods
compared to the fiscal year.
Sales in Constant Currency
The following table presents reported sales growth rates and
sales growth rates in constant currency for the fourth quarter and
full year of fiscal 2023 compared to the fourth quarter and full
year of fiscal 2022.
Quarter Ended
Years Ended
Sales
Sales
Year-
Sales
Year-
Year %
Sequential %
Year %
Sales
Change in
Sales
Change in
Sales
Change in
Year-Year
Constant
Sequential
Constant
Year-Year
Constant
% Change
Currency
% Change
Currency
% Change
Currency
Avnet
2.9
%
2.9
%
0.6
%
0.4
%
9.2
%
13.4
%
Avnet by region
Americas
7.1
%
7.1
%
1.0
%
1.0
%
15.5
%
15.5
%
EMEA
18.7
17.1
2.4
1.0
17.8
27.0
Asia
(11.9
)
(10.6
)
(1.5
)
(0.7
)
(0.7
)
1.9
Avnet by segment
EC
3.0
%
3.1
%
0.8
%
0.6
%
10.2
%
14.4
%
Farnell
0.7
1.0
(2.1
)
(2.9
)
(4.0
)
0.9
Historical Segment Financial Information
Quarters Ended
Fiscal
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Year
July 1,
April 1,
December 31,
October 1,
2023*
2023
2023
2022
2022
(in millions)
Sales:
Electronic Components
$
24,802.6
$
6,109.2
$
6,059.6
$
6,309.5
$
6,324.2
Farnell
1,734.3
445.4
455.0
408.0
425.9
Avnet sales
$
26,536.9
$
6,554.6
$
6,514.6
$
6,717.5
$
6,750.1
Operating income:
Electronic Components
$
1,179.6
$
310.4
$
305.2
$
296.7
$
267.3
Farnell
165.5
36.1
40.9
36.9
51.6
1,345.1
346.5
346.1
333.6
318.9
Corporate expenses
(124.2
)
(33.9
)
(31.6
)
(33.1
)
(25.6
)
Restructuring, integration and other
expenses
(28.0
)
(28.0
)
—
—
—
Amortization of acquired intangible assets
and other
(6.1
)
(0.9
)
(0.9
)
(1.5
)
(2.8
)
Avnet operating income
$
1,186.8
$
283.7
$
313.6
$
299.0
$
290.5
Sales by geographic area:
Americas
$
6,807.7
$
1,732.7
$
1,714.9
$
1,681.2
$
1,678.9
EMEA
9,229.4
2,450.6
2,393.4
2,255.9
2,129.5
Asia
10,499.8
2,371.3
2,406.3
2,780.4
2,941.7
Avnet sales
$
26,536.9
$
6,554.6
$
6,514.6
$
6,717.5
$
6,750.1
_______________
* May not foot/cross foot due to
rounding.
Fiscal Year 2022
Quarters Ended
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fiscal Year
July 2,
April 2,
January 1,
October 2,
2022*
2022*
2022
2022
2021
(in millions)
Sales:
Electronic Components
$
22,503.3
$
5,930.4
$
6,019.1
$
5,424.3
$
5,129.5
Farnell
1,807.4
442.3
469.0
440.9
455.2
Avnet sales
$
24,310.7
$
6,372.7
$
6,488.1
$
5,865.2
$
5,584.7
Operating income:
Electronic Components
$
872.0
$
255.6
$
265.0
$
188.9
$
162.4
Farnell
242.5
62.9
69.8
60.2
49.6
1,114.5
318.5
334.8
249.1
212.0
Corporate expenses
(128.9
)
(30.9
)
(31.1
)
(33.6
)
(33.3
)
Restructuring, integration and other
expenses
(5.3
)
—
—
—
(5.3
)
Russian-Ukraine conflict related
expenses
(26.3
)
—
(26.3
)
—
—
Amortization of acquired intangible assets
and other
(15.0
)
(2.9
)
(3.1
)
(3.8
)
(5.2
)
Avnet operating income
$
939.0
$
284.7
$
274.4
$
211.7
$
168.2
Sales by geographic area:
Americas
$
5,896.0
$
1,618.4
$
1,627.2
$
1,391.5
$
1,258.8
EMEA
7,838.1
2,064.0
2,185.7
1,840.8
1,747.6
Asia
10,576.6
2,690.3
2,675.2
2,632.9
2,578.3
Avnet sales
$
24,310.7
$
6,372.7
$
6,488.1
$
5,865.2
$
5,584.7
_______________
* May not foot/cross foot due to
rounding.
Guidance Reconciliation
There are no significant differences expected between the above
adjusted diluted earnings per share guidance and GAAP diluted
earnings per share guidance for the first quarter of fiscal
2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230816920216/en/
Investor Relations Contact
InvestorRelations@Avnet.com
Media Relations Contact Jeanne Forbis, 480-643-7499
Jeanne.Forbis@Avnet.com
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