Avnet, Inc. - AVT STOCK NEWS

Avnet (Nasdaq: AVT), a global technology solutions company, is set to participate in the 44th Annual Raymond James Institutional Investors Conference on March 6, 2023. The event will feature CFO Ken Jacobson and VP Joe Burke in a fireside chat at 11:35 a.m. ET. Investors can watch the presentation live on the Avnet Investor Relations website, with a replay available post-event. With a century of experience, Avnet excels in supporting customers through the product lifecycle, offering accelerated design and supply services. Learn more at www.avnet.com.

Avnet, Inc. (NASDAQ: AVT) announced a quarterly cash dividend of $0.29 per share, approved by its Board of Directors on February 15, 2023. The dividend will be distributed on March 15, 2023, to shareholders recorded on March 1, 2023. This move reflects Avnet's commitment to returning value to its investors as the company continues to support customers at every stage of the product lifecycle for over a century.

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 February 1. The earnings release will occur after market close, followed by a conference call at 1:30 p.m. PT / 4:30 p.m. ET, hosted by CEO Phil Gallagher and CFO Ken Jacobson. Investors can join by dialing 877-407-8112 or 201-689-8840. A replay will be available for 90 days until May 2. Avnet supports customers throughout the product lifecycle, aiming to accelerate design and supply stages for faster revenue realization.

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.