Avnet, Inc. - AVT STOCK NEWS

The fourth annual Avnet Insights survey reveals that engineers are optimistic yet cautious about the impact of Artificial Intelligence (AI) in product development. According to the survey, 75% of engineers believe market conditions for their design products are improving, and 49% expect better economic conditions to ease their work in the next year.

Avnet found that 42% of engineers have already integrated AI into their product design processes and are shipping those products. The survey explored 14 areas where AI could have a significant impact, from AI-driven simulation and testing to hardware design tools and software code generation. Engineers couldn't pinpoint a single leading area, indicating AI's broad potential impact.

Nearly all surveyed engineers (96%) agree that AI is likely to influence key product development functions, such as automating design tasks, enabling personalized designs, improving market predictive capabilities, and reducing development cycles. However, they also anticipate challenges, including security and privacy concerns (37%), data quality issues (31%), integration with existing tools (25%), and high costs (24%).

The survey highlights the need for specific skills to leverage AI effectively, including data analysis and interpretation, AI model optimization, and problem-solving and critical thinking, each cited by 16% of respondents. The survey included 1,204 global respondents from various regions and was conducted from October 31 to November 15, 2024.

Avnet (Nasdaq: AVT) has announced its participation in two major investor conferences this December. The company will be present at the Raymond James TMT & Consumer Conference in New York on December 9, 2024, where CEO Phil Gallagher and CFO Ken Jacobson will participate in a fireside chat at 1:40 pm ET. Additionally, CFO Ken Jacobson and VP of Treasury & Investor Relations Joe Burke will attend the Nasdaq London Investor Conference on December 11, 2024, participating in a fireside chat at 10:00 am GMT. Both presentations will be available via live and archived webcasts on Avnet's Investor Relations website.

Avnet (Nasdaq: AVT) has announced its Board of Directors' approval of a regular quarterly cash dividend of $0.33 per share. The dividend will be distributed on December 18, 2024, to shareholders recorded as of the business close on December 4, 2024. Avnet, which operates as a global technology solutions provider, continues its commitment to returning value to shareholders through this dividend payment.

Avnet (AVT) reported Q1 2025 financial results with sales of $5.6 billion, down 11.6% year-over-year. Diluted EPS was $0.66, compared to $2.25 in the prior year, while adjusted EPS reached $0.92. The company's operating income margin decreased to 2.5% from 4.0% year-over-year. Asia region showed growth with sales up 6.2%, while Americas and EMEA declined by 15.5% and 27.7% respectively. The company generated $106 million in operating cash flow and returned nearly $100 million to shareholders through share repurchases and $29 million in dividends.

Avnet (Nasdaq: AVT) has appointed Dave Youngblood as its new Chief Digital Officer, effective October 21, 2024. In this newly created role, Youngblood will lead Avnet's enterprise-wide digital platform and eCommerce strategy, reporting directly to CEO Phil Gallagher and joining the executive leadership team.

Youngblood brings over 25 years of experience in the electronics industry, with a focus on digital experiences and demand creation. His most recent position was Head of Digital Customer Experience at Analog Devices. Avnet's digital strategy aims to simplify transactions and provide reliable, actionable data to help customers grow their businesses.

CEO Phil Gallagher expressed confidence that Youngblood's leadership will enhance Avnet's digital and eCommerce capabilities, making it easier for customers to do business with the company and enabling them to move faster at scale.

Avnet (Nasdaq: AVT), a global technology solutions company, has announced it will report its first quarter fiscal year 2025 earnings on October 30, 2024 before the market opens. Following the earnings release, CEO Phil Gallagher and CFO Ken Jacobson will host a webcast and conference call at 9:00 a.m. PT / Noon ET to discuss the financial results and provide a corporate update.

To participate in the live call, interested parties can dial 877-407-8112 or 201-689-8840. The live webcast, along with accompanying slides, will be accessible via Avnet's Investor Relations web page at www.ir.avnet.com. An audio replay of the webcast will be available after the call and archived on the Avnet website for one year.

Avnet (Nasdaq: AVT) has secured a contract to supply Huizhong's SCL61H-100 smart ultrasonic water meters for South East Water's Digital Meters program, the largest smart meter rollout in Australia. This initiative aims to reduce water wastage and operational costs. The smart meters feature a proprietary vibration sensor developed by South East Water, enabling accurate network leak detection.

Avnet has established a dedicated water meter test lab in Melbourne to support the mass rollout. The advanced meters will provide consumers with near real-time water usage data. In 2023-24, South East Water's customer leak notifications saved approximately 683 million liters of water and $2.9 million for customers. The network leak monitoring program saved an additional 140 million liters of drinking water through early identification and repair of leaks.

Avnet (Nasdaq: AVT), a global technology solutions provider, has announced two significant shareholder-friendly moves. Firstly, the company's Board of Directors has increased its share repurchase authorization to $600 million. Secondly, Avnet has raised its regular quarterly cash dividend by 6% to $0.33 per share, payable on September 25, 2024, to shareholders of record as of September 11, 2024.

CEO Phil Gallagher emphasized Avnet's commitment to shareholder returns, noting that since fiscal year 2019, the company has returned nearly $2 billion to shareholders, including $1.4 billion in share repurchases and almost $600 million in dividends. These actions reflect confidence in Avnet's financial position and growth prospects.

Avnet (Nasdaq: AVT) has appointed Virginia "Ginnie" Henkels and Helmut Gassel to its Board of Directors, effective immediately. Both will serve on Avnet's Audit Committee. Ms. Henkels brings extensive finance and accounting leadership experience, having served as CFO of Empowerment & Inclusion Capital I Corp. and Swift Transportation. Dr. Gassel has nearly 30 years of semiconductor industry experience, including leadership roles at Infineon Technologies. Rodney C. Adkins, Chair of the Avnet Board, highlighted Henkels' financial expertise and Gassel's deep industry understanding as valuable additions to the board.