Avnet - AVT STOCK NEWS

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.

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 (Nasdaq: AVT), a global technology solutions company, has announced its participation in the virtual 27th Annual Oppenheimer Technology, Internet & Communications Conference on August 13, 2024. The company's presentation is scheduled for 3:45 p.m. ET.

Investors and interested parties can access both the live and archived webcast of Avnet's presentation through the company's Investor Relations web page at https://ir.avnet.com. This event provides an opportunity for Avnet to showcase its latest developments and strategies to a wide audience of technology industry professionals and investors.

Avnet (Nasdaq: AVT), a global technology solutions company, has announced key dates for its fourth quarter and fiscal year 2024 financial reporting and annual shareholder meeting. The company will release its earnings report on August 8, 2024, before the market opens, followed by a webcast and conference call at 9:00 a.m. PT / Noon ET. CEO Phil Gallagher and CFO Ken Jacobson will host the call to discuss financial results and provide a corporate update.

The Annual Meeting of Shareholders is scheduled for November 22, 2024, at 8:00 a.m. in Phoenix, Arizona. The record date for voting eligibility is set for September 23, 2024. Investors can access the live earnings call and webcast through Avnet's Investor Relations web page, with a replay available until August 15.

Avnet (Nasdaq: AVT) has launched a new product brand called Tria™ and a corresponding business, Tria Technologies, to consolidate its compute design and manufacturing capabilities. The Tria brand will encompass embedded compute boards, systems, and associated design and manufacturing services. This move aims to address the growing trend of OEMs shifting from chip-down manufacturing to pre-made embedded compute platforms.

Led by Thomas Staudinger, president of Embedded Solutions at Avnet, Tria Technologies will design and manufacture both standard and custom embedded compute products. The new brand represents Avnet's global design and manufacturing capabilities across the Americas, Europe, and Asia. It builds on Avnet's established market-leading position in embedded compute and advanced applications solutions, offering customers faster time-to-market, improved products, and reduced business risks.

Avnet (Nasdaq: AVT) has announced Rebeca Obregon as the new president of Farnell, effective July 1, 2024. Farnell is a key electronics components distributor within Avnet's portfolio, known for its comprehensive product range and global supply chain. Rebeca Obregon has been with Avnet since last year, serving as senior vice president of Strategic Business Engagements and Supplier Management. She brings over 30 years of semiconductor industry experience and has held leadership roles, including corporate vice president at Amkor Technology. Avnet CEO Phil Gallagher expressed confidence in Obregon’s ability to drive Farnell's success, emphasizing her commitment to the company's suppliers, customers, partners, and employees.

Avnet (NASDAQ: AVT), a global technology solutions company, has announced its participation in two upcoming investor conferences in June 2024. The Stifel 2024 Cross Sector Insight Conference will take place on June 4 in Boston, featuring Avnet’s CEO Phil Gallagher and CFO Ken Jacobson in a fireside chat at 1:15 pm ET. The BofA Securities 2024 Global Technology Conference will occur on June 6 in San Francisco, with CFO Ken Jacobson and Vice President of Treasury & Investor Relations Joe Burke participating in a fireside chat at 8:40 am PT. Both sessions will be available for live and archived viewing on Avnet's Investor Relations webpage.