Avnet Reports First Quarter 2025 Financial Results
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 (AVT) ha riportato i risultati finanziari del primo trimestre 2025, con vendite di 5,6 miliardi di dollari, in calo dell'11,6% rispetto all'anno precedente. L'utile per azione diluito è stato di $0,66, rispetto a $2,25 dell'anno scorso, mentre l'utile per azione rettificato ha raggiunto $0,92. Il margine di reddito operativo dell'azienda è diminuito al 2,5% rispetto al 4,0% dell'anno precedente. La regione asiatica ha mostrato una crescita con vendite aumentate del 6,2%, mentre le Americhe e l'EMEA hanno registrato un calo rispettivamente del 15,5% e del 27,7%. L'azienda ha generato $106 milioni in flusso di cassa operativo e ha restituito quasi $100 milioni agli azionisti tramite riacquisti di azioni e $29 milioni in dividendi.
Avnet (AVT) informó los resultados financieros del primer trimestre de 2025, con ventas de $5.6 mil millones, una disminución del 11.6% en comparación con el año anterior. El EPS diluido fue de $0.66, en comparación con $2.25 en el año anterior, mientras que el EPS ajustado alcanzó $0.92. El margen de ingreso operativo de la empresa disminuyó al 2.5% desde el 4.0% en el año anterior. La región de Asia mostró crecimiento con ventas que aumentaron en un 6.2%, mientras que las Américas y EMEA disminuyeron un 15.5% y un 27.7% respectivamente. La empresa generó $106 millones en flujo de efectivo operativo y devolvió casi $100 millones a los accionistas a través de recompras de acciones y $29 millones en dividendos.
Avnet (AVT)는 2025년 1분기 재무 결과를 발표했으며, 판매량은 56억 달러로 전년 대비 11.6% 감소했습니다. 희석 주당순이익(EPS)은 $0.66으로, 전년의 $2.25와 비교됩니다. 조정 주당순이익(EPS)은 $0.92에 도달했습니다. 회사의 운영 소득 마진은 전년 대비 4.0%에서 2.5%로 감소했습니다. 아시아 지역은 판매가 6.2% 증가하면서 성장세를 보였고, 반면 아메리카와 EMEA는 각각 15.5%와 27.7% 감소했습니다. 회사는 $1억 6백만 달러의 운영 현금 흐름을 생성했으며, 주식 재매입을 통해 거의 $1억 달러를 주주에게 반환하고 $2천9백만 달러의 배당금을 지급했습니다.
Avnet (AVT) a annoncé les résultats financiers du premier trimestre 2025, avec des ventes de 5,6 milliards de dollars, en baisse de 11,6 % par rapport à l'année précédente. Le BPA dilué s'élevait à 0,66 $, contre 2,25 $ au cours de l'année précédente, tandis que le BPA ajusté a atteint 0,92 $. La marge de revenu opérationnelle de l'entreprise a diminué à 2,5 % contre 4,0 % l'année précédente. La région Asie a montré une croissance avec des ventes en hausse de 6,2 %, tandis que les Amériques et l'EMEA ont connu une baisse respective de 15,5 % et 27,7 %. L'entreprise a généré 106 millions de dollars de flux de trésorerie opérationnel et a restitué près de 100 millions de dollars aux actionnaires par le biais de rachats d'actions et de 29 millions de dollars en dividendes.
Avnet (AVT) hat die Finanzzahlen für das erste Quartal 2025 veröffentlicht, mit einem Umsatz von 5,6 Milliarden Dollar, was einem Rückgang von 11,6% im Vergleich zum Vorjahr entspricht. Der verwässerte Gewinn pro Aktie (EPS) betrug 0,66 $, verglichen mit 2,25 $ im Vorjahr, während der bereinigte EPS 0,92 $ erreichte. Die operative Gewinnmarge des Unternehmens sank im Jahresvergleich von 4,0 % auf 2,5 %. Die asiatische Region verzeichnete ein Wachstum mit einem Umsatzanstieg von 6,2 %, während in Amerika und EMEA die Umsätze um 15,5 % bzw. 27,7 % zurückgingen. Das Unternehmen erwirtschaftete 106 Millionen Dollar an operativem Cashflow und gab fast 100 Millionen Dollar an die Aktionäre zurück, unter anderem durch Aktienrückkäufe und 29 Millionen Dollar an Dividenden.
- Generated $106 million in cash flow from operations
- Asia region sales increased 6.2% year-over-year
- Returned $129 million to shareholders through dividends and share repurchases
- Overall sales declined 11.6% year-over-year to $5.6 billion
- Operating income margin decreased to 2.5% from 4.0% year-over-year
- Diluted EPS dropped 70.7% to $0.66 from $2.25 year-over-year
- Farnell operating income margin fell to 0.5% from 4.2% year-over-year
- EMEA sales declined 27.7% year-over-year
Insights
The Q1 FY2025 results reveal significant challenges with
Concerning trends include Farnell's weak performance with operating margins at just
Q2 guidance suggests continued pressure with projected sales of
The semiconductor distribution market faces cyclical pressures, evident in Avnet's performance. The regional disparity is notable - Asia's growth contrasts sharply with EMEA's decline, reflecting broader market dynamics and inventory corrections. The core Electronic Components segment shows resilience with
The
First quarter sales of
Adjusted diluted EPS of
Cash flow from operations of
“In the first quarter, our sales and earnings exceeded the upper end of our guidance range led by a return to growth in our
Fiscal First Quarter Key Financial Highlights:
-
Sales of
$5.6 billion $6.3 billion -
Diluted earnings per share of
$0.66 $2.25 -
Adjusted diluted earnings per share of
$0.92 $1.61
-
Adjusted diluted earnings per share of
-
Operating income margin of
2.5% , compared with4.0% in the prior year quarter.-
Adjusted operating income margin of
3.0% . -
Electronic Components operating income margin of
3.8% . -
Farnell operating income margin of
0.5% .
-
Adjusted operating income margin of
-
Generated
$106 million -
Returned nearly
$100 million 2.1% of shares outstanding. -
Returned
$29 million
Key Financial Metrics ($ in millions, except per share data) |
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First Quarter Results (GAAP) |
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Sep – 24 |
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Sep – 23 |
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Change Y/Y |
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Jun – 24 |
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Change Q/Q |
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Sales |
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$ |
5,604.2 |
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$ |
6,335.6 |
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(11.6 |
)% |
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$ |
5,563.0 |
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0.7 |
% |
Operating Income |
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$ |
142.2 |
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$ |
253.8 |
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(44.0 |
)% |
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$ |
164.2 |
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(13.4 |
)% |
Operating Income Margin |
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2.5 |
% |
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4.0 |
% |
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(147 |
)bps |
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3.0 |
% |
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(41 |
)bps |
Diluted Earnings Per Share (EPS) |
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$ |
0.66 |
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$ |
2.25 |
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(70.7 |
)% |
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$ |
0.91 |
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(27.5 |
)% |
First Quarter Results (Non-GAAP)(1) |
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Sep – 24 |
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Sep – 23 |
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Change Y/Y |
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Jun – 24 |
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Change Q/Q |
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Adjusted Operating Income |
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$ |
168.9 |
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$ |
261.7 |
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(35.4 |
)% |
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$ |
193.4 |
|
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(12.7 |
)% |
Adjusted Operating Income Margin |
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3.0 |
% |
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4.1 |
% |
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(112 |
)bps |
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3.5 |
% |
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(47 |
)bps |
Adjusted Diluted Earnings Per Share (EPS) |
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$ |
0.92 |
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$ |
1.61 |
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(42.9 |
)% |
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$ |
1.22 |
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(24.6 |
)% |
Segment and Geographical Mix |
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Sep – 24 |
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Sep – 23 |
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Change Y/Y |
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Jun – 24 |
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Change Q/Q |
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Electronic Components (EC) Sales |
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$ |
5,257.1 |
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$ |
5,914.4 |
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(11.1 |
)% |
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$ |
5,187.8 |
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1.3 |
% |
EC Operating Income Margin |
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3.8 |
% |
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4.6 |
% |
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(86 |
)bps |
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4.1 |
% |
|
(30 |
)bps |
Farnell Sales |
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$ |
347.1 |
|
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$ |
421.2 |
|
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(17.6 |
)% |
|
$ |
375.2 |
|
|
(7.5 |
)% |
Farnell Operating Income Margin |
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0.5 |
% |
|
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4.2 |
% |
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(366 |
)bps |
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4.0 |
% |
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(349 |
)bps |
Americas Sales |
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$ |
1,329.9 |
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$ |
1,573.5 |
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(15.5 |
)% |
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$ |
1,353.8 |
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(1.8 |
)% |
EMEA Sales |
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$ |
1,668.2 |
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$ |
2,308.0 |
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(27.7 |
)% |
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$ |
1,920.3 |
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(13.1 |
)% |
Asia Sales |
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$ |
2,606.1 |
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$ |
2,454.1 |
|
|
6.2 |
% |
|
$ |
2,288.9 |
|
|
13.9 |
% |
| ____________________________ | ||
(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. |
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Outlook for the Second Quarter of Fiscal 2025 Ending on December 28, 2024 |
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Guidance Range |
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Midpoint |
Sales |
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Diluted EPS (1) |
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| ____________________________ | ||
(1) |
A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release. |
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The above guidance implies a sequential sales change of up approximately
The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the first quarter of fiscal 2025 and an adjusted effective tax rate of between
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Q2 Fiscal |
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2025 |
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Q1 Fiscal |
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Q2 Fiscal |
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Guidance |
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2025 |
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2024 |
Euro to |
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GBP to |
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Today’s Conference Call and Webcast Details
Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon 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)
- Live webcast along with slides can be accessed via Avnet’s Investor Relations website at https://ir.avnet.com
- An audio replay of the webcast will be available after the completion of the call and archived on the website for one year
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 June 29, 2024 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; relationships with key suppliers and allocations of products by suppliers; 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
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. 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)
AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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First Quarters Ended |
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September 28, |
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September 30, |
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2024 |
|
2023 |
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(Thousands, except per share data) |
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Sales |
|
$ |
5,604,152 |
|
|
$ |
6,335,648 |
|
Cost of sales |
|
|
4,996,785 |
|
|
|
5,587,542 |
|
Gross profit |
|
|
607,367 |
|
|
|
748,106 |
|
Selling, general and administrative expenses |
|
|
438,791 |
|
|
|
487,286 |
|
Restructuring, integration, and other expenses |
|
|
26,351 |
|
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|
7,051 |
|
Operating income |
|
|
142,225 |
|
|
|
253,769 |
|
Other (expense) income, net |
|
|
(3,043 |
) |
|
|
5,960 |
|
Interest and other financing expenses, net |
|
|
(64,444 |
) |
|
|
(70,796 |
) |
Gain on legal settlements and other |
|
|
— |
|
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|
86,499 |
|
Income before taxes |
|
|
74,738 |
|
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|
275,432 |
|
Income tax expense |
|
|
15,782 |
|
|
|
66,164 |
|
Net income |
|
$ |
58,956 |
|
|
$ |
209,268 |
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Earnings per share: |
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Basic |
|
$ |
0.67 |
|
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$ |
2.29 |
|
Diluted |
|
$ |
0.66 |
|
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$ |
2.25 |
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Shares used to compute earnings per share: |
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Basic |
|
|
88,092 |
|
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|
91,495 |
|
Diluted |
|
|
89,392 |
|
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|
93,178 |
|
Cash dividends paid per common share |
|
$ |
0.33 |
|
|
$ |
0.31 |
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AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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September 28, |
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June 29, |
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2024 |
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2024 |
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(Thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
267,521 |
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$ |
310,941 |
||
Receivables |
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4,575,854 |
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4,391,187 |
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Inventories |
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5,614,102 |
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5,468,730 |
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Prepaid and other current assets |
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221,767 |
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199,694 |
||
Total current assets |
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10,679,244 |
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10,370,552 |
||
Property, plant and equipment, net |
|
|
584,119 |
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|
568,169 |
||
Goodwill |
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|
818,858 |
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|
780,984 |
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Operating lease assets |
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211,736 |
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208,971 |
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Other assets |
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303,607 |
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280,471 |
||
Total assets |
|
$ |
12,597,564 |
|
$ |
12,209,147 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Short-term debt |
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$ |
524,055 |
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$ |
492,711 |
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Accounts payable |
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3,588,033 |
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3,345,510 |
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Accrued expenses and other |
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|
580,257 |
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|
573,055 |
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Short-term operating lease liabilities |
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55,538 |
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|
53,993 |
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Total current liabilities |
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4,747,883 |
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|
4,465,269 |
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Long-term debt |
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2,430,730 |
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|
2,406,629 |
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Long-term operating lease liabilities |
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175,330 |
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173,886 |
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Other liabilities |
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|
205,886 |
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|
237,859 |
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Total liabilities |
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7,559,829 |
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|
7,283,643 |
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Shareholders’ equity |
|
|
5,037,735 |
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|
4,925,504 |
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Total liabilities and shareholders’ equity |
|
$ |
12,597,564 |
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$ |
12,209,147 |
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AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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First Quarters Ended |
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September 28, |
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September 30, |
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2024 |
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2023 |
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(Thousands) |
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Cash flows from operating activities: |
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Net income |
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$ |
58,956 |
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$ |
209,268 |
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Non-cash and other reconciling items: |
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Depreciation and amortization |
|
|
19,883 |
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|
21,517 |
|
Amortization of operating lease assets |
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13,926 |
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|
13,271 |
|
Deferred income taxes |
|
|
(17,572 |
) |
|
|
5,575 |
|
Stock-based compensation |
|
|
10,987 |
|
|
|
9,355 |
|
Other, net |
|
|
19,337 |
|
|
|
(20,171 |
) |
Changes in (net of effects from businesses acquired and divested): |
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Receivables |
|
|
(94,393 |
) |
|
|
30,190 |
|
Inventories |
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|
(29,230 |
) |
|
|
(371,604 |
) |
Accounts payable |
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|
213,610 |
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|
111,489 |
|
Accrued expenses and other, net |
|
|
(89,179 |
) |
|
|
(50,184 |
) |
Net cash flows provided by (used for) operating activities |
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106,325 |
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(41,294 |
) |
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Cash flows from financing activities: |
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Borrowings (repayments) under accounts receivable securitization, net |
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|
27,900 |
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(92,100 |
) |
(Repayments) borrowings under senior unsecured credit facility, net |
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|
(11,353 |
) |
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|
243,613 |
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Repayments under bank credit facilities and other debt, net |
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|
(824 |
) |
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|
(133 |
) |
Repurchases of common stock |
|
|
(99,995 |
) |
|
|
(24,324 |
) |
Dividends paid on common stock |
|
|
(28,861 |
) |
|
|
(28,320 |
) |
Other, net |
|
|
3,766 |
|
|
|
1,414 |
|
Net cash flows (used for) provided by financing activities |
|
|
(109,367 |
) |
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|
100,150 |
|
|
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||
Cash flows from investing activities: |
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|
||
Purchases of property, plant and equipment |
|
|
(31,776 |
) |
|
|
(76,089 |
) |
Other, net |
|
|
330 |
|
|
|
300 |
|
Net cash flows used for investing activities |
|
|
(31,446 |
) |
|
|
(75,789 |
) |
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|
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Effect of currency exchange rate changes on cash and cash equivalents |
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|
(8,932 |
) |
|
|
7,382 |
|
Cash and cash equivalents: |
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— decrease |
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|
(43,420 |
) |
|
|
(9,551 |
) |
— at beginning of period |
|
|
310,941 |
|
|
|
288,230 |
|
— at end of period |
|
$ |
267,521 |
|
|
$ |
278,679 |
|
Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in
There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the
Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure 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 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, and amortization of acquired intangible assets and other.
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, foreign currency gains and losses and certain items impacting 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 effective tax rate based upon the expected long-term 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.
Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.
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.
|
|
Fiscal 2025 |
||
|
|
First Quarter |
||
|
|
September 28, 2024 |
||
|
|
($ in thousands, except per share amounts) |
||
GAAP operating income |
|
$ |
142,225 |
|
Restructuring, integration, and other expenses |
|
|
26,351 |
|
Amortization of intangible assets |
|
|
368 |
|
Adjusted operating income |
|
|
168,944 |
|
|
|
|
|
|
GAAP other expense, net |
|
$ |
(3,043 |
) |
Foreign currency loss |
|
|
4,783 |
|
Adjusted other income, net |
|
|
1,740 |
|
|
|
|
|
|
GAAP income before income taxes |
|
$ |
74,738 |
|
Restructuring, integration, and other expenses |
|
|
26,351 |
|
Amortization of intangible assets |
|
|
368 |
|
Foreign currency loss |
|
|
4,783 |
|
Adjusted income before income taxes |
|
|
106,240 |
|
|
|
|
|
|
GAAP income tax expense |
|
$ |
15,782 |
|
Restructuring, integration, and other expenses |
|
|
6,657 |
|
Amortization of intangible assets |
|
|
87 |
|
Foreign currency loss |
|
|
1,612 |
|
Income tax expense items, net |
|
|
298 |
|
Adjusted income tax expense |
|
|
24,436 |
|
|
|
|
|
|
GAAP net income |
|
$ |
58,956 |
|
Restructuring, integration, and other expenses (net of tax) |
|
19,694 |
|
|
Amortization of intangible assets (net of tax) |
|
|
281 |
|
Foreign currency loss (net of tax) |
|
|
3,171 |
|
Income tax expense items, net |
|
|
(298 |
) |
Adjusted net income |
|
|
81,804 |
|
|
|
|
|
|
GAAP diluted earnings per share |
|
$ |
0.66 |
|
Restructuring, integration, and other expenses (net of tax) |
|
0.22 |
|
|
Amortization of intangible assets (net of tax) |
|
|
0.00 |
|
Foreign currency loss (net of tax) |
|
|
0.04 |
|
Income tax expense items, net |
|
|
(0.00 |
) |
Adjusted diluted EPS |
|
|
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Quarters Ended |
||||||||||||||||
|
|
Fiscal Year |
|
June 29, |
|
March 30, |
|
December 30, |
|
September 30, |
||||||||||
|
|
2024* |
|
2024* |
|
2024* |
|
2023 |
|
2023 |
||||||||||
|
|
($ in thousands, except per share amounts) |
||||||||||||||||||
GAAP operating income |
|
$ |
844,367 |
|
|
$ |
164,189 |
|
|
$ |
190,151 |
|
|
$ |
236,257 |
|
|
$ |
253,769 |
|
Restructuring, integration, and other expenses |
|
|
52,550 |
|
|
|
28,417 |
|
|
|
11,847 |
|
|
|
5,235 |
|
|
|
7,051 |
|
Amortization of intangible assets |
|
|
3,130 |
|
|
|
828 |
|
|
|
712 |
|
|
|
712 |
|
|
|
878 |
|
Adjusted operating income |
|
|
900,047 |
|
|
|
193,434 |
|
|
|
202,710 |
|
|
|
242,204 |
|
|
|
261,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP other (expense) income, net |
|
$ |
(15,736 |
) |
|
$ |
1,409 |
|
|
$ |
(14,707 |
) |
|
$ |
(8,397 |
) |
|
$ |
5,960 |
|
Foreign currency loss (gain) and other, net |
|
|
27,730 |
|
|
|
680 |
|
|
|
17,850 |
|
|
|
9,200 |
|
|
|
— |
|
Adjusted other (expense) income, net |
|
|
11,994 |
|
|
|
2,089 |
|
|
|
3,143 |
|
|
|
803 |
|
|
|
5,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income before income taxes |
|
$ |
632,263 |
|
|
$ |
101,324 |
|
|
$ |
101,948 |
|
|
$ |
153,558 |
|
|
$ |
275,432 |
|
Restructuring, integration, and other expenses |
|
|
52,550 |
|
|
|
28,417 |
|
|
|
11,847 |
|
|
|
5,235 |
|
|
|
7,051 |
|
Amortization of intangible assets |
|
|
3,130 |
|
|
|
828 |
|
|
|
712 |
|
|
|
712 |
|
|
|
878 |
|
Foreign currency loss (gain) and other, net |
|
|
27,730 |
|
|
|
680 |
|
|
|
17,850 |
|
|
|
9,200 |
|
|
|
— |
|
Gain on legal settlements and other |
|
|
(86,499 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(86,499 |
) |
Adjusted income before income taxes |
|
|
629,174 |
|
|
|
131,249 |
|
|
|
132,357 |
|
|
|
168,705 |
|
|
|
196,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP income tax expense |
|
$ |
133,564 |
|
|
$ |
18,659 |
|
|
$ |
13,114 |
|
|
$ |
35,627 |
|
|
$ |
66,164 |
|
Restructuring, integration, and other expenses |
|
|
13,000 |
|
|
|
7,251 |
|
|
|
2,772 |
|
|
|
1,274 |
|
|
|
1,703 |
|
Amortization of intangible assets |
|
|
700 |
|
|
|
185 |
|
|
|
156 |
|
|
|
156 |
|
|
|
203 |
|
Foreign currency loss (gain) and other, net |
|
|
7,373 |
|
|
|
88 |
|
|
|
5,251 |
|
|
|
2,034 |
|
|
|
— |
|
Gain on legal settlements and other |
|
|
(20,434 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,434 |
) |
Income tax expense items, net |
|
|
4,992 |
|
|
|
(6,489 |
) |
|
|
10,472 |
|
|
|
1,399 |
|
|
|
(390 |
) |
Adjusted income tax expense |
|
|
139,195 |
|
|
|
19,694 |
|
|
|
31,765 |
|
|
|
40,490 |
|
|
|
47,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP net income |
|
$ |
498,699 |
|
|
$ |
82,665 |
|
|
$ |
88,834 |
|
|
$ |
117,931 |
|
|
$ |
209,268 |
|
Restructuring, integration, and other expenses (net of tax) |
|
39,550 |
|
|
|
21,166 |
|
|
|
9,075 |
|
|
|
3,961 |
|
|
|
5,348 |
|
|
Amortization of intangible assets (net of tax) |
|
|
2,430 |
|
|
|
643 |
|
|
|
556 |
|
|
|
556 |
|
|
|
675 |
|
Foreign currency loss (gain) and other, net (net of tax) |
|
|
20,357 |
|
|
|
592 |
|
|
|
12,599 |
|
|
|
7,166 |
|
|
|
— |
|
Gain on legal settlements and other (net of tax) |
|
|
(66,065 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(66,065 |
) |
Income tax expense items, net |
|
|
(4,992 |
) |
|
|
6,489 |
|
|
|
(10,472 |
) |
|
|
(1,399 |
) |
|
|
390 |
|
Adjusted net income |
|
|
489,979 |
|
|
|
111,555 |
|
|
|
100,592 |
|
|
|
128,215 |
|
|
|
149,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP diluted earnings per share |
|
$ |
5.43 |
|
|
$ |
0.91 |
|
|
$ |
0.97 |
|
|
$ |
1.28 |
|
|
$ |
2.25 |
|
Restructuring, integration, and other expenses (net of tax) |
|
0.43 |
|
|
|
0.23 |
|
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.06 |
|
|
Amortization of intangible assets (net of tax) |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Foreign currency loss (gain) and other, net (net of tax) |
|
|
0.22 |
|
|
|
0.01 |
|
|
|
0.14 |
|
|
|
0.08 |
|
|
|
— |
|
Gain on legal settlements and other (net of tax) |
|
|
(0.72 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.71 |
) |
Income tax expense items, net |
|
|
(0.05 |
) |
|
|
0.07 |
|
|
|
(0.11 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
Adjusted diluted EPS |
|
|
5.34 |
|
|
|
1.22 |
|
|
|
1.10 |
|
|
|
1.40 |
|
|
|
1.61 |
|
| _______________________________ |
* May not foot/cross foot due to rounding. |
Sales in Constant Currency
The following table presents the percentage change in sales and the percentage change in sales in constant currency for the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.
|
|
Quarter Ended |
||||
|
|
September 28, 2024 |
||||
|
|
|
|
Sales |
||
|
|
|
|
Year-Year % |
||
|
|
Sales |
|
Change in |
||
|
|
Year-Year |
|
Constant |
||
|
|
% Change |
|
Currency |
||
Avnet |
|
(11.6 |
)% |
|
(11.7 |
)% |
Avnet by region |
|
|
|
|||
|
|
(15.5 |
)% |
|
(15.5 |
)% |
EMEA |
|
(27.7 |
)% |
|
(28.4 |
)% |
|
|
6.2 |
% |
|
6.4 |
% |
Avnet by segment |
|
|
|
|||
EC |
|
(11.1 |
)% |
|
(11.2 |
)% |
Farnell |
|
(17.6 |
)% |
|
(18.2 |
)% |
Historical Segment Financial Information
|
|
|
|
|
|
|
Fiscal 2025 |
||
|
|
First Quarter |
||
|
|
September 28, 2024 |
||
|
|
(in millions) |
||
Sales: |
|
|
|
|
Electronic Components |
|
$ |
5,257.1 |
|
Farnell |
|
|
347.1 |
|
Avnet sales |
|
$ |
5,604.2 |
|
|
|
|
|
|
Operating income: |
|
|
|
|
Electronic Components |
|
$ |
197.4 |
|
Farnell |
|
|
1.9 |
|
|
|
|
199.3 |
|
Corporate expenses |
|
|
(30.3 |
) |
Restructuring, integration, and other expenses |
|
|
(26.4 |
) |
Amortization of acquired intangible assets |
|
|
(0.4 |
) |
Avnet operating income |
|
$ |
142.2 |
|
|
|
|
|
|
Sales by geographic area: |
|
|
|
|
|
|
$ |
1,329.9 |
|
EMEA |
|
|
1,668.2 |
|
|
|
|
2,606.1 |
|
Avnet sales |
|
$ |
5,604.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|||||||||||
|
|
Fiscal |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|||||
|
|
Year |
|
June 29, |
|
March 30, |
|
December 30, |
|
September 30, |
|||||
|
|
2024* |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|||||
|
|
($ in millions) |
|||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Components |
|
$ |
22,160.0 |
|
$ |
5,187.8 |
|
$ |
5,245.8 |
|
$ |
5,812.1 |
|
$ |
5,914.4 |
Farnell |
|
|
1,597.1 |
|
|
375.2 |
|
|
407.8 |
|
|
392.8 |
|
|
421.2 |
Avnet sales |
|
$ |
23,757.1 |
|
$ |
5,563.0 |
|
$ |
5,653.6 |
|
$ |
6,204.9 |
|
$ |
6,335.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Components |
|
$ |
947.6 |
|
$ |
210.1 |
|
$ |
216.9 |
|
$ |
247.9 |
|
$ |
272.8 |
Farnell |
|
|
64.8 |
|
|
15.1 |
|
|
16.3 |
|
|
15.7 |
|
|
17.7 |
|
|
|
1,012.4 |
|
|
225.2 |
|
|
233.2 |
|
|
263.6 |
|
|
290.5 |
Corporate expenses |
|
|
(112.3) |
|
|
(31.8) |
|
|
(30.5) |
|
|
(21.4) |
|
|
(28.7) |
Restructuring, integration, and other expenses |
|
|
(52.6) |
|
|
(28.4) |
|
|
(11.8) |
|
|
(5.2) |
|
|
(7.1) |
Amortization of acquired intangible assets |
|
|
(3.1) |
|
|
(0.8) |
|
|
(0.7) |
|
|
(0.7) |
|
|
(0.9) |
Avnet operating income |
|
$ |
844.4 |
|
$ |
164.2 |
|
$ |
190.2 |
|
$ |
236.3 |
|
$ |
253.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by geographic area: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,919.2 |
|
$ |
1,353.8 |
|
$ |
1,403.4 |
|
$ |
1,588.5 |
|
$ |
1,573.5 |
EMEA |
|
|
8,395.0 |
|
|
1,920.3 |
|
|
2,053.1 |
|
|
2,113.6 |
|
|
2,308.0 |
|
|
|
9,442.9 |
|
|
2,288.9 |
|
|
2,197.1 |
|
|
2,502.8 |
|
|
2,454.1 |
Avnet sales |
|
$ |
23,757.1 |
|
$ |
5,563.0 |
|
$ |
5,653.6 |
|
$ |
6,204.9 |
|
$ |
6,335.6 |
| ______________________________ |
* May not foot/cross foot due to rounding. |
Guidance Reconciliation
The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the second quarter of fiscal 2025.
|
|
Low End of |
|
High End of |
||||
|
|
Guidance Range |
|
Guidance Range |
||||
|
|
|
|
|
|
|
||
Adjusted diluted earnings per share guidance |
|
$ |
0.80 |
|
|
$ |
0.90 |
|
Restructuring, integration, and other expenses (net of tax) |
|
|
(0.10 |
) |
|
|
(0.05 |
) |
GAAP diluted earnings per share guidance |
|
$ |
0.70 |
|
|
$ |
0.85 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030127924/en/
Investor Relations Contact
InvestorRelations@Avnet.com
Media Relations Contact
Jeanne Forbis, 480-643-7499
Jeanne.Forbis@Avnet.com
Source: Avnet
FAQ
What was Avnet's (AVT) revenue in Q1 2025?
How much did Avnet (AVT) return to shareholders in Q1 2025?
What is Avnet's (AVT) Q2 2025 revenue guidance?
How did Avnet's (AVT) Asia region perform in Q1 2025?
