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Avnet, Inc. (NASDAQ: AVT) is a global leader in electronic components distribution, dedicated to advancing technological innovation. With a presence in 125 countries and a team of 15,000 professionals, Avnet bridges the gap between suppliers and customers in the electronics industry. The company supports all phases of the technology lifecycle, from initial design to final production.
Avnet caters to startups and established manufacturers alike, providing crucial resources such as design tools, test kits, and supply chain services. As the third-largest semiconductor distributor globally, Avnet serves over 2.1 million small- and mid-sized businesses in 140 countries. The company's European distribution network is particularly noteworthy, being the largest in the region.
Recent achievements include innovative partnerships and cutting-edge projects aimed at accelerating technological advancements. Avnet’s engineers and support teams are at the forefront of these developments, enhancing the company’s role as a pivotal player in the tech industry.
With a strong financial foundation and a culture rooted in emerging technology, Avnet continues to guide ideas into tomorrow's technology. Whether you're an innovator at the start of your journey or a manufacturer ready to scale, Avnet provides the tools and expertise needed to succeed.
Avnet reported $6.7 billion in sales for Q2, a 14.5% increase year-over-year, while operating income rose to $299 million. The diluted EPS surged to $2.63, a notable 75.3% rise from the previous year. Adjusted diluted EPS was $2.00. Higher interest expenses impacted adjusted EPS by $0.31. The operating income margin improved to 4.5%, with Electronic Components leading at 4.7%, while Farnell's margin declined to 9.0%. For Q3 FY2023, Avnet projects sales between $6.15B and $6.45B and adjusted diluted EPS of $1.75 to $1.85, reflecting expected decline in sales due to seasonal factors.
Avnet (AVT), a leading global technology solutions provider, will announce its financial results for the second quarter of fiscal year 2023 on
Avnet, Inc. (NASDAQ: AVT) announced a quarterly cash dividend of $0.29 per share, approved by the Board of Directors on Nov. 16, 2022. This dividend will be paid on Dec. 21, 2022 to shareholders recorded as of Dec. 7, 2022. Avnet has been a key player in technology distribution for over a century, facilitating product development stages and enhancing customer revenue realization.
Avnet's second annual Insights survey highlights ongoing supply chain challenges in the electronics industry. A staggering 59% of engineers report worsening component shortages, with 79% prioritizing availability over market conditions. Key strategies include testing multiple parts early (23%) and building up buffer inventories (23%). Despite these challenges, over a third of respondents in Asia view market conditions positively. Pricing hikes and prolonged lead times are anticipated, with 74% citing access to components as a significant challenge.
Avnet reported first quarter sales of $6.8 billion, a 21% year-over-year increase, with operating income of $291 million, growing three times faster than sales. Diluted earnings per share rose to $1.93, from $1.10 in the prior year, while adjusted diluted EPS reached $2.00, up from $1.22. The electronic components segment saw sales rise 23.3% year-over-year. However, guidance for Q2 projects sales of $6.35B to $6.65B, reflecting a potential sequential decline of 1% to 5% due to seasonal factors and currency fluctuations.
Avnet (AVT) will report its financial results for Q1 FY2023 on October 26 after market close. A conference call with CEO Phil Gallagher and CFO Ken Jacobson will follow at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results and provide a corporate update. Interested participants can join by dialing 877-407-8112 or 201-689-8840. A replay of the call will be available for 90 days.
Avnet has been a key player in technology distribution for over a century, supporting customers through all product lifecycle stages.
Avnet has officially appointed Ken A. Jacobson as its new Chief Financial Officer (CFO). Jacobson, who previously served as Avnet's interim CFO and held roles since 2013, brings extensive experience in finance and leadership within the company. His appointment aims to bolster Avnet's finance team as it approaches its second century of operations. CEO Phil Gallagher emphasized Jacobson's ability to balance business objectives and financial outcomes, marking a strategic move for the company's future.
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.
Avnet (Nasdaq: AVT) announced that its CEO Phil Gallagher, incoming CFO Ken Jacobson, and VP of Treasury & Investor Relations Joe Burke will participate in Citi's 2022 Global Technology Conference on September 7 at the Hilton Hotel in New York. The fireside chat will begin at 8:15 a.m. ET and will be available via live webcast. Avnet, a leading global technology solutions provider, supports customers throughout the product lifecycle, enabling faster realization of revenue through innovative technology solutions.
Avnet, Inc. (Nasdaq: AVT) reported a strong fourth quarter with sales of $6.4 billion, marking a 21.9% increase year over year. The operating income margin rose to 4.5%, up 221 basis points. Fiscal 2022 sales reached $24.3 billion, a 24.5% increase, with record diluted EPS of $6.94. The company returned $25 million in dividends and $102 million in share repurchases during the quarter, representing 2.4% of outstanding shares. Looking ahead, guidance for Q1 fiscal 2023 anticipates sales between $6.20B – $6.50B and adjusted EPS between $1.85 – $1.95.
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