Avnet Reports Fourth Quarter and Fiscal 2024 Financial Results
Avnet has announced its financial results for the fourth quarter and fiscal year 2024, ending June 29, 2024.
Q4 sales reached $5.6 billion with a diluted EPS of $0.91 and an adjusted EPS of $1.22. The Electronic Components segment showed an operating margin of 4.1%.
For the full fiscal year 2024, Avnet reported sales of $23.8 billion, a diluted EPS of $5.43, and an adjusted EPS of $5.34. Operating income margin was 3.6%, and cash flow from operations totaled $690 million.
Key highlights include returning $165 million to shareholders through share repurchases and $112 million in dividends. The first quarter of fiscal 2025 is projected to have sales between $5.25 billion and $5.55 billion and a diluted EPS between $0.80 and $0.90.
Avnet ha annunciato i risultati finanziari per il quarto trimestre e l'anno fiscale 2024, terminato il 29 giugno 2024.
Le vendite del Q4 hanno raggiunto 5,6 miliardi di dollari con un utile per azione diluito di 0,91 dollari e un utile per azione rettificato di 1,22 dollari. Il segmento Componenti Elettronici ha mostrato un margine operativo del 4,1%.
Per l'intero anno fiscale 2024, Avnet ha riportato vendite di 23,8 miliardi di dollari, un utile per azione diluito di 5,43 dollari e un utile per azione rettificato di 5,34 dollari. Il margine di reddito operativo è stato del 3,6%, e il flusso di cassa dalle operazioni ha totalizzato 690 milioni di dollari.
Tra i punti salienti, è stato previsto un ritorno di 165 milioni di dollari agli azionisti attraverso riacquisti di azioni e 112 milioni di dollari in dividendi. Si stima che il primo trimestre dell'anno fiscale 2025 avrà vendite tra 5,25 miliardi di dollari e 5,55 miliardi di dollari e un utile per azione diluito tra 0,80 dollari e 0,90 dollari.
Avnet ha anunciado sus resultados financieros para el cuarto trimestre y el año fiscal 2024, que finalizó el 29 de junio de 2024.
Las ventas del Q4 alcanzaron 5.6 mil millones de dólares con una EPS diluida de 0.91 dólares y una EPS ajustada de 1.22 dólares. El segmento de Componentes Electrónicos mostró un margen operativo del 4.1%.
Para el año fiscal completo 2024, Avnet reportó ventas de 23.8 mil millones de dólares, una EPS diluida de 5.43 dólares y una EPS ajustada de 5.34 dólares. El margen de ingresos operativos fue del 3.6%, y el flujo de caja de las operaciones totalizó 690 millones de dólares.
Los puntos destacados incluyen un retorno de 165 millones de dólares a los accionistas a través de recompras de acciones y 112 millones de dólares en dividendos. Se proyecta que el primer trimestre del año fiscal 2025 tendrá ventas entre 5.25 mil millones de dólares y 5.55 mil millones de dólares y una EPS diluida entre 0.80 dólares y 0.90 dólares.
Avnet는 2024 회계연도 4분기 및 전체 연도 재무 결과를 발표했습니다. 회계연도 종료일은 2024년 6월 29일입니다.
4분기 판매는 56억 달러에 달하고, 희석 주당순이익(EPS)은 0.91달러, 조정된 EPS는 1.22달러입니다. 전자부품 부문은 4.1%의 운영 마진을 기록했습니다.
2024 회계연도 전체 매출은 238억 달러, 희석 EPS는 5.43달러, 조정 EPS는 5.34달러로 보고되었습니다. 운영 소득 마진은 3.6%였으며, 운영에서 발생한 현금 흐름은 6억 9천만 달러에 달했습니다.
주요 하이라이트에는 165백만 달러의 자사주 매입과 1억 12백만 달러의 배당금을 통해 주주에게 반환한 내용이 포함됩니다. 2025 회계연도의 첫 분기 매출은 52억 5천만 달러에서 55억 5천만 달러 사이에 있을 것으로 예상되며, 희석 EPS는 0.80달러에서 0.90달러 사이에서 예상됩니다.
Avnet a annoncé ses résultats financiers pour le quatrième trimestre et l'exercice fiscal 2024, se terminant le 29 juin 2024.
Les ventes du Q4 ont atteint 5,6 milliards de dollars avec un bénéfice par action dilué de 0,91 dollar et un bénéfice par action ajusté de 1,22 dollar. Le segment des composants électroniques a affiché une marge opérationnelle de 4,1%.
Pour l'exercice fiscal complet 2024, Avnet a rapporté des ventes de 23,8 milliards de dollars, un bénéfice par action dilué de 5,43 dollars et un bénéfice par action ajusté de 5,34 dollars. La marge de revenu opérationnel était de 3,6%, et le flux de trésorerie provenant des opérations a totalisé 690 millions de dollars.
Les points saillants incluent un retour de 165 millions de dollars aux actionnaires par le biais de rachats d'actions et 112 millions de dollars en dividendes. Le premier trimestre de l'exercice fiscal 2025 devrait enregistrer des ventes entre 5,25 milliards de dollars et 5,55 milliards de dollars et un bénéfice par action dilué entre 0,80 dollar et 0,90 dollar.
Avnet hat seine finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 bekannt gegeben, das am 29. Juni 2024 endete.
Die Umsätze im Q4 erreichten 5,6 Milliarden US-Dollar mit einem verwässerten EPS von 0,91 US-Dollar und einem bereinigten EPS von 1,22 US-Dollar. Der Geschäftsbereich Elektronikkomponenten verzeichnete eine operative Marge von 4,1%.
Für das gesamte Geschäftsjahr 2024 berichtete Avnet von Umsätzen in Höhe von 23,8 Milliarden US-Dollar, einem verwässerten EPS von 5,43 US-Dollar und einem bereinigten EPS von 5,34 US-Dollar. Die operative Einkommensmarge betrug 3,6%, und der Cashflow aus dem operativen Geschäft belief sich auf insgesamt 690 Millionen US-Dollar.
Zu den wichtigsten Punkten gehören die Rückführung von 165 Millionen US-Dollar an die Aktionäre durch Aktienrückkäufe und 112 Millionen US-Dollar an Dividenden. Für das erste Quartal des Geschäftsjahres 2025 wird ein Umsatz zwischen 5,25 Milliarden US-Dollar und 5,55 Milliarden US-Dollar und ein verwässertes EPS zwischen 0,80 US-Dollar und 0,90 US-Dollar erwartet.
- Generated $690 million of cash flow from operations in fiscal 2024.
- Returned $165 million to shareholders from share repurchases.
- Returned $112 million to shareholders in dividends.
- Adjusted diluted EPS of $1.22 for Q4, surpassing guidance.
- Q4 sales of $5.6 billion, down 15.1% year-over-year.
- Q4 diluted EPS of $0.91, down 45.8% year-over-year.
- Fiscal 2024 sales of $23.8 billion, down from $26.5 billion in the prior year.
- Fiscal 2024 diluted EPS of $5.43, down from $8.26 in the prior year.
- Q4 operating income margin of 3.0%, down from 4.3% in the prior year.
Insights
Avnet's Q4 FY2024 results show a mixed performance. While the company exceeded its guidance, there are signs of market challenges. Sales declined
However, Avnet demonstrated strong cash flow management, generating
Avnet's results reflect broader semiconductor industry trends. The
The company's performance varies significantly by geography, with Americas and EMEA sales declining over
Avnet's ability to exceed guidance despite challenging market conditions highlights its effective supply chain management. The focus on controlling costs and managing working capital has paid off, as evidenced by the strong operating cash flow of
The company's strategy of supporting supplier and customer partners while growing market share positions it well for an eventual market recovery. However, the declining operating margins across segments (Electronic Components at
Fourth quarter sales of
Adjusted diluted EPS of
Electronic Components operating margin of
“We are pleased with our fiscal 2024 performance as we executed well, despite some challenging market conditions,” said Avnet Chief Executive Officer Phil Gallagher. “I want to thank our team for their focus on supporting our supplier and customer partners, growing market share, controlling costs, and managing working capital to drive operating cash flow. Their efforts enabled us to exceed the upper end of our fourth quarter sales and earnings guidance. We are well positioned entering into fiscal year 2025 and I am confident we have the right team and strategy in place to benefit from the eventual market recovery.”
Fiscal Fourth Quarter Key Financial Highlights:
-
Sales of
$5.6 billion $6.6 billion -
Diluted earnings per share of
$0.91 $1.68 -
Adjusted diluted earnings per share of
$1.22 $2.06
-
Adjusted diluted earnings per share of
-
Operating income margin of
3.0% , compared with4.3% in the prior year quarter.-
Adjusted operating income margin of
3.5% . -
Electronic Components operating income margin of
4.1% . -
Farnell operating income margin of
4.0% .
-
Adjusted operating income margin of
-
Generated
$274 million -
Returned
$79 million 1.6% of shares outstanding. -
Returned
$28 million
Fiscal 2024 Key Financial Highlights:
-
Sales of
$23.8 billion $26.5 billion -
Diluted earnings per share of
$5.43 $8.26 -
Adjusted diluted earnings per share of
$5.34 $8.06
-
Adjusted diluted earnings per share of
-
Operating income margin of
3.6% , compared with4.5% in the prior year.-
Adjusted operating income margin of
3.8% . -
Electronic Components operating income margin of
4.3% . -
Farnell operating income margin of
4.1% .
-
Adjusted operating income margin of
-
Generated
$690 million -
Returned
$165 million 3.6% of shares outstanding. -
Returned
$112 million
Key Financial Metrics
($ in millions, except per share data) |
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Fourth Quarter Results (GAAP) |
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Jun – 24 |
|
Jun – 23 |
|
Change Y/Y |
|
Mar – 24 |
|
Change Q/Q |
||||||||
Sales |
|
$ |
5,563.0 |
|
|
$ |
6,554.6 |
|
|
(15.1) |
% |
|
$ |
5,653.6 |
|
|
(1.6) |
% |
Operating Income |
|
$ |
164.2 |
|
|
$ |
283.7 |
|
|
(42.1) |
% |
|
$ |
190.2 |
|
|
(13.7) |
% |
Operating Income Margin |
|
|
3.0 |
% |
|
|
4.3 |
% |
|
(138) |
bps |
|
|
3.4 |
% |
|
(41) |
bps |
Diluted Earnings Per Share (EPS) |
|
$ |
0.91 |
|
|
$ |
1.68 |
|
|
(45.8) |
% |
|
$ |
0.97 |
|
|
(6.2) |
% |
Fourth Quarter Results (Non-GAAP)(1) |
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|
|
Jun – 24 |
|
Jun – 23 |
|
Change Y/Y |
|
Mar – 24 |
|
Change Q/Q |
||||||||
Adjusted Operating Income |
|
$ |
193.4 |
|
|
$ |
312.6 |
|
|
(38.1) |
% |
|
$ |
202.7 |
|
|
(4.6) |
% |
Adjusted Operating Income Margin |
|
|
3.5 |
% |
|
|
4.8 |
% |
|
(129) |
bps |
|
|
3.6 |
% |
|
(11) |
bps |
Adjusted Diluted Earnings Per Share (EPS) |
|
$ |
1.22 |
|
|
$ |
2.06 |
|
|
(40.8) |
% |
|
$ |
1.10 |
|
|
10.9 |
% |
Segment and Geographical Mix |
||||||||||||||||||
|
|
Jun – 24 |
|
Jun – 23 |
|
Change Y/Y |
|
Mar – 24 |
|
Change Q/Q |
||||||||
Electronic Components (EC) Sales |
|
$ |
5,187.8 |
|
|
$ |
6,109.2 |
|
|
(15.1) |
% |
|
$ |
5,245.8 |
|
|
(1.1) |
% |
EC Operating Income Margin |
|
|
4.1 |
% |
|
|
5.1 |
% |
|
(103) |
bps |
|
|
4.1 |
% |
|
(8) |
bps |
Farnell Sales |
|
$ |
375.2 |
|
|
$ |
445.4 |
|
|
(15.8) |
% |
|
$ |
407.8 |
|
|
(8.0) |
% |
Farnell Operating Income Margin |
|
|
4.0 |
% |
|
|
8.1 |
% |
|
(406) |
bps |
|
|
4.0 |
% |
|
3 |
bps |
Americas Sales |
|
$ |
1,353.8 |
|
|
$ |
1,732.7 |
|
|
(21.9) |
% |
|
$ |
1,403.4 |
|
|
(3.5) |
% |
EMEA Sales |
|
$ |
1,920.3 |
|
|
$ |
2,450.6 |
|
|
(21.6) |
% |
|
$ |
2,053.1 |
|
|
(6.5) |
% |
Asia Sales |
|
$ |
2,288.9 |
|
|
$ |
2,371.3 |
|
|
(3.5) |
% |
|
$ |
2,197.1 |
|
|
4.2 |
% |
| _______________ | ||
(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 2025 Ending on September 28, 2024
|
|
Guidance Range |
|
Midpoint |
Sales |
|
|
|
|
Diluted EPS (1) |
|
|
|
|
| _______________ | ||
(1) |
A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release. |
|
The above guidance implies a sequential sales change of flat to down 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 fourth quarter of fiscal 2024 and an effective tax rate of between
|
|
Q1 Fiscal |
|
|
|
|
|
|
2025 |
|
Q4 Fiscal |
|
Q1 Fiscal |
|
|
Guidance |
|
2024 |
|
2024 |
Euro to |
|
|
|
|
|
|
GBP to |
|
|
|
|
|
|
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)
- Conference call replay available through August 15, 2024: 877-660-6853 or 201-612-7415 and using Conference ID: 13747493
- 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 1, 2023 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
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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|
|
|
|
|
|
|
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||||
|
|
Fourth Quarters Ended |
|
Years Ended |
||||||||||||
|
|
June 29, |
|
July 1, |
|
June 29, |
|
July 1, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(Thousands, except per share data) |
||||||||||||||
Sales |
|
$ |
5,562,977 |
|
|
$ |
6,554,608 |
|
|
$ |
23,757,129 |
|
|
$ |
26,536,881 |
|
Cost of sales |
|
|
4,920,097 |
|
|
|
5,736,586 |
|
|
|
20,990,687 |
|
|
|
23,354,738 |
|
Gross profit |
|
|
642,880 |
|
|
|
818,022 |
|
|
|
2,766,442 |
|
|
|
3,182,143 |
|
Selling, general and administrative expenses |
|
|
450,274 |
|
|
|
506,322 |
|
|
|
1,869,525 |
|
|
|
1,967,305 |
|
Restructuring, integration, and other expenses |
|
|
28,417 |
|
|
|
28,038 |
|
|
|
52,550 |
|
|
|
28,038 |
|
Operating income |
|
|
164,189 |
|
|
|
283,662 |
|
|
|
844,367 |
|
|
|
1,186,800 |
|
Other income (expense), net |
|
|
1,409 |
|
|
|
6,456 |
|
|
|
(15,736 |
) |
|
|
9,908 |
|
Interest and other financing expenses, net |
|
|
(64,274 |
) |
|
|
(75,056 |
) |
|
|
(282,867 |
) |
|
|
(250,869 |
) |
Gain on legal settlements and other |
|
|
— |
|
|
|
(24,669 |
) |
|
|
86,499 |
|
|
|
37,037 |
|
Income before taxes |
|
|
101,324 |
|
|
|
190,393 |
|
|
|
632,263 |
|
|
|
982,876 |
|
Income tax expense |
|
|
18,659 |
|
|
|
35,138 |
|
|
|
133,564 |
|
|
|
212,048 |
|
Net income |
|
$ |
82,665 |
|
|
$ |
155,255 |
|
|
$ |
498,699 |
|
|
$ |
770,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.92 |
|
|
$ |
1.70 |
|
|
$ |
5.51 |
|
|
$ |
8.37 |
|
Diluted |
|
$ |
0.91 |
|
|
$ |
1.68 |
|
|
$ |
5.43 |
|
|
$ |
8.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used to compute earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
90,092 |
|
|
|
91,493 |
|
|
|
90,567 |
|
|
|
92,043 |
|
Diluted |
|
|
91,122 |
|
|
|
92,626 |
|
|
|
91,837 |
|
|
|
93,368 |
|
Cash dividends paid per common share |
|
$ |
0.31 |
|
|
$ |
0.29 |
|
|
$ |
1.24 |
|
|
$ |
1.16 |
|
AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||
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|
|
|
|
|
|
||
|
|
June 29, |
|
July 1, |
||||
|
|
2024 |
|
2023 |
||||
|
|
(Thousands) |
||||||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
310,941 |
|
$ |
288,230 |
||
Receivables |
|
|
4,391,187 |
|
|
|
4,763,788 |
|
Inventories |
|
|
5,468,730 |
|
|
|
5,465,031 |
|
Prepaid and other current assets |
|
|
199,694 |
|
|
|
233,804 |
|
Total current assets |
|
|
10,370,552 |
|
|
|
10,750,853 |
|
Property, plant and equipment, net |
|
|
568,169 |
|
|
|
441,557 |
|
Goodwill |
|
|
780,984 |
|
|
|
780,629 |
|
Operating lease assets |
|
|
208,971 |
|
|
|
221,698 |
|
Other assets |
|
|
280,471 |
|
|
|
282,422 |
|
Total assets |
|
$ |
12,209,147 |
|
|
$ |
12,477,159 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
492,711 |
|
|
$ |
70,636 |
|
Accounts payable |
|
|
3,345,510 |
|
|
|
3,373,820 |
|
Accrued expenses and other |
|
|
573,055 |
|
|
|
753,130 |
|
Short-term operating lease liabilities |
|
|
53,993 |
|
|
|
51,792 |
|
Total current liabilities |
|
|
4,465,269 |
|
|
|
4,249,378 |
|
Long-term debt |
|
|
2,406,629 |
|
|
|
2,988,029 |
|
Long-term operating lease liabilities |
|
|
173,886 |
|
|
|
190,621 |
|
Other liabilities |
|
|
237,859 |
|
|
|
297,462 |
|
Total liabilities |
|
|
7,283,643 |
|
|
|
7,725,490 |
|
Shareholders’ equity |
|
|
4,925,504 |
|
|
|
4,751,669 |
|
Total liabilities and shareholders’ equity |
|
$ |
12,209,147 |
|
|
$ |
12,477,159 |
|
AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
|
|
|
|
|
|
|
||
|
|
Years Ended |
||||||
|
|
June 29, 2024 |
|
July 1, 2023 |
||||
|
|
(Thousands) |
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
498,699 |
|
|
$ |
770,828 |
|
|
|
|
|
|
|
|
||
Non-cash and other reconciling items: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
86,708 |
|
|
|
88,613 |
|
Amortization of operating lease assets |
|
|
53,796 |
|
|
|
54,392 |
|
Deferred income taxes |
|
|
(9,749 |
) |
|
|
(37,060 |
) |
Stock-based compensation |
|
|
33,496 |
|
|
|
38,781 |
|
Other, net |
|
|
15,800 |
|
|
|
52,142 |
|
Changes in (net of effects from businesses acquired and divested): |
|
|
|
|
|
|
||
Receivables |
|
|
316,218 |
|
|
|
(461,117 |
) |
Inventories |
|
|
(51,203 |
) |
|
|
(1,173,124 |
) |
Accounts payable |
|
|
4,496 |
|
|
|
(75,943 |
) |
Accrued expenses and other, net |
|
|
(258,277 |
) |
|
|
28,785 |
|
Net cash flows provided by (used for) operating activities |
|
|
689,984 |
|
|
|
(713,703 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Issuance of notes, net of discounts |
|
|
— |
|
|
|
498,615 |
|
Borrowings (repayments) under accounts receivable securitization, net |
|
|
(140,700 |
) |
|
|
258,000 |
|
Borrowings under senior unsecured credit facility, net |
|
|
(43,277 |
) |
|
|
728,182 |
|
Borrowings (repayments) under bank credit facilities and other debt, net |
|
|
27,491 |
|
|
|
(96,209 |
) |
Repurchases of common stock |
|
|
(162,723 |
) |
|
|
(221,730 |
) |
Dividends paid on common stock |
|
|
(111,963 |
) |
|
|
(106,325 |
) |
Other, net |
|
|
(2,627 |
) |
|
|
(5,777 |
) |
Net cash flows (used for) provided by financing activities |
|
|
(433,799 |
) |
|
|
1,054,756 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
|
(226,478 |
) |
|
|
(194,674 |
) |
Other, net |
|
|
994 |
|
|
|
(16,877 |
) |
Net cash flows used for investing activities |
|
|
(225,484 |
) |
|
|
(211,551 |
) |
|
|
|
|
|
|
|
||
Effect of currency exchange rate changes on cash and cash equivalents |
|
|
(7,990 |
) |
|
|
5,035 |
|
Cash and cash equivalents: |
|
|
|
|
|
|
||
— increase |
|
|
22,711 |
|
|
|
134,537 |
|
— at beginning of period |
|
|
288,230 |
|
|
|
153,693 |
|
— at end of period |
|
$ |
310,941 |
|
|
$ |
288,230 |
|
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 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.
|
|
|
|
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. |
||||||||||||||||||||
|
|
|
|
Quarters Ended |
||||||||||||||||
|
|
Fiscal Year |
|
July 1, |
|
April 1, |
|
December 31, |
|
October 1, |
||||||||||
|
|
2023* |
|
2023* |
|
2023 |
|
2022 |
|
2022 |
||||||||||
|
|
($ in thousands, except per share amounts) |
||||||||||||||||||
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 |
|
|
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 |
|
|
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 |
|
|
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 (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 (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. |
||||||||||||||||||||
Sales in Constant Currency
The following table presents reported sales growth rates and sales growth rates in constant currency for the fourth quarter and fiscal year 2024 compared to the fourth quarter and fiscal year 2023.
|
|
Quarter Ended |
|
Years Ended |
||||||||||||||
|
|
June 29, 2024 |
|
June 29, 2024 |
||||||||||||||
|
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
||||||
|
|
|
|
Year-Year % |
|
|
|
Sequential % |
|
|
|
Year-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 |
|
(15.1 |
)% |
|
(14.2 |
)% |
|
(1.6 |
)% |
|
(1.0 |
)% |
|
(10.5 |
)% |
|
(10.9 |
)% |
Avnet by region |
|
|
|
|
|
|
|
|
||||||||||
|
|
(21.9 |
)% |
|
(21.9 |
)% |
|
(3.5 |
)% |
|
(3.5 |
)% |
|
(13.1 |
)% |
|
(13.1 |
)% |
EMEA |
|
(21.6 |
) |
|
(20.7 |
) |
|
(6.5 |
) |
|
(5.6 |
) |
|
(9.0 |
) |
|
(11.4 |
) |
|
|
(3.5 |
) |
|
(1.9 |
) |
|
4.2 |
|
|
4.8 |
|
|
(10.1 |
) |
|
(9.0 |
) |
Avnet by segment |
|
|
|
|
|
|
|
|
||||||||||
EC |
|
(15.1 |
)% |
|
(14.1 |
)% |
|
(1.1 |
)% |
|
(0.5 |
)% |
|
(10.7 |
)% |
|
(11.0 |
)% |
Farnell |
|
(15.8 |
) |
|
(15.4 |
) |
|
(8.0 |
) |
|
(7.5 |
) |
|
(7.9 |
) |
|
(9.3 |
) |
Historical Segment Financial Information
|
|
|
|
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. |
||||||||||||||||||||
|
|
|
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 |
|
|
(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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
$ |
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 |
|
|
|
|
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. |
||||||||||||||||||||
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 first 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) |
|
|
(0.17 |
) |
|
|
(0.08 |
) |
GAAP diluted earnings per share guidance |
|
$ |
0.63 |
|
|
$ |
0.82 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808289693/en/
Investor Relations Contact
InvestorRelations@Avnet.com
Media Relations Contact
Jeanne Forbis, 480-643-7499
Jeanne.Forbis@Avnet.com
Source: Avnet
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