Avnet Increases Quarterly Dividend by 11.5%

Rhea-AI Summary

Avnet (AVT) has announced an 11.5% increase in its quarterly cash dividend, raising it to $0.29 per share. This dividend will be payable on September 28, 2022, to shareholders recorded by the close of business on September 14, 2022. CEO Phil Gallagher emphasized this increase as a commitment to sustainable shareholder returns, attributing it to strong performance in the 2022 fiscal year and expressing confidence in Avnet’s financial position and growth prospects.

Positive

• 11.5% increase in quarterly cash dividend to $0.29 per share
• Dividend payment reflects strong performance in the 2022 fiscal year
• Demonstrates company confidence in financial position and growth

Negative

• None.

PHOENIX--(BUSINESS WIRE)-- Avnet (Nasdaq: AVT), a leading global technology solutions company, announced that its Board of Directors has approved an 11.5% increase in the quarterly cash dividend to $0.29 per share. The dividend will be paid on September 28, 2022 to shareholders of record as of the close of business on September 14, 2022.

“We are pleased to announce a double digit increase in our quarterly dividend, furthering our commitment to delivering sustainable shareholder returns,” said Avnet Chief Executive Officer Phil Gallagher. “This increase follows strong performance in our 2022 fiscal year and is a reflection of our confidence in our financial position and ability to promote continued growth and value creation for Avnet stakeholders.”

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. 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)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005193/en/

Investor Relations Contact

Joe Burke, 480-643-7431

Joseph.Burke@avnet.com

Media Relations Contact

Jeanne Forbis, 480-643-7499

Jeanne.Forbis@avnet.com

Source: Avnet

FAQ

What is the new dividend amount for Avnet (AVT)?

Avnet (AVT) has increased its quarterly dividend to $0.29 per share.

When will Avnet's dividend be paid?

Avnet's dividend will be paid on September 28, 2022.

What date is the record for Avnet's dividend payment?

The record date for Avnet's dividend payment is September 14, 2022.

How much has Avnet's dividend increased?

Avnet's dividend has increased by 11.5%.

How does Avnet ensure sustainable shareholder returns?

Avnet is committed to sustainable shareholder returns, as evidenced by its recent dividend increase.