Avnet Increases Quarterly Dividend by 4.8%

Rhea-AI Summary

Avnet (AVT) announced a 4.8% increase in its quarterly cash dividend, raising it to $0.22 per share. The dividend will be paid on June 23, 2021, to shareholders of record as of June 9, 2021. This decision reflects Avnet's commitment to returning cash to shareholders, a result of its operational streamlining and improved financial profile. CEO Phil Gallagher emphasized the increase as a sign of confidence in their growth strategy and the company's ability to generate strong free cash flow.

Positive

• 4.8% increase in quarterly cash dividend to $0.22 per share.
• Dividend payment date set for June 23, 2021, demonstrating commitment to shareholder returns.
• Strong free cash flow generated, indicating improved financial health.

Negative

• None.

Avnet (Nasdaq: AVT), a leading global technology solutions company, announced that its Board of Directors has approved a 4.8% percent increase in the quarterly cash dividend to $0.22 per share. The dividend will be paid on June 23, 2021 to shareholders of record as of the close of business on June 9, 2021.

“Our commitment to streamlining our operations and strengthening our financial profile over the past year has positioned Avnet as a more nimble and efficient organization, resulted in improved competitive performance and enabled us to generate strong free cash flow,” said Avnet Chief Executive Officer Phil Gallagher. “This dividend increase is a reflection of our confidence in our growth strategy as well as our long-standing commitment of returning cash to shareholders while creating significant value for all 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)

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FAQ

What is Avnet's new quarterly dividend amount for 2021?

Avnet's new quarterly dividend amount is $0.22 per share.

When will Avnet pay its dividend to shareholders in 2021?

Avnet will pay its dividend on June 23, 2021.

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

The record date for Avnet's dividend payment is June 9, 2021.

What does Avnet's dividend increase signify?

The dividend increase signifies Avnet's confidence in its growth strategy and financial stability.