Avnet, Inc. - AVT STOCK NEWS

Avnet (Nasdaq: AVT) announces the transition of Chief Financial Officer Thomas Liguori, effective September 6, with Kenneth A. Jacobson, previously corporate controller, succeeding him. Liguori, who joined in 2018, will remain as a senior advisor until March 2023, aiding in the transition. CEO Phil Gallagher praised Liguori's contributions during his tenure, notably during Avnet’s 100th anniversary. Jacobson has been with Avnet since 2013 and has held significant finance responsibilities within the company.

Avnet (Nasdaq: AVT) has formed a strategic collaboration with Amazon Web Services (AWS) to enhance its IoTConnect Platform. This partnership aims to simplify and expedite IoT implementations for Original Equipment Manufacturers (OEMs) by integrating AWS's extensive services. The platform will include preconfigured IoT solutions, addressing the need for scalability, security, and reduced development overhead. Key features will encompass device management, multi-layer security, and analytics, empowering OEMs to innovate effectively.

Avnet has partnered with SciTech Institute to expand its Chief Science Officers (CSO) program internationally, targeting locations such as Chicago, Gaffney, Leeds, and Guadalajara over the next two years. This initiative aims to enhance STEM education by empowering students from sixth to twelfth grade to become ambassadors in their communities. The program has successfully expanded to 11 U.S. states and international locations including Kenya and Kuwait, currently involving approximately 1,000 students. Avnet's investment reflects its commitment to fostering future careers in science and technology.

Avnet (Nasdaq: AVT) will host its Investor Day today at 10:30 a.m. ET in New York City, providing crucial updates on its business strategy. The leadership will outline targets for growth, aiming for sustainable operating margins above 5%. Key business segments include Farnell with projected revenues of $3 billion, and embedded growth targeting $1 billion. Additionally, Avnet announced a new share repurchase authorization of $600 million, enabling strategic capital allocation.

Avnet (Nasdaq: AVT) announced participation in two investor conferences in June. On June 8, Chief Financial Officer Tom Liguori and Investor Relations VP Joe Burke will attend the Stifel 2022 Cross Sector Insight Conference at 3:00 p.m. ET in Boston. On June 9, CEO Phil Gallagher, CFO Liguori, and VP Burke will join the BofA Securities 2022 Global Technology Conference at 12:30 p.m. ET in San Francisco. Both events will be webcast live, with links available on Avnet's investor relations website.

Avnet, a global technology solutions provider, declared a quarterly cash dividend of $0.26 per share on May 23, 2022. The dividend is scheduled for payment on June 22, 2022 to shareholders of record as of the close of business on June 8, 2022. This decision reflects the company's continued commitment to returning value to its shareholders.

Avnet reported third-quarter sales of $6.5 billion, a 32% increase year-over-year and 11% sequentially. Diluted EPS rose to $1.84, with adjusted EPS at $2.15. Operating margins improved for both Electronic Components (4.4%) and Farnell (14.9%). The Americas saw a 40.2% sales rise, while overall demand for supply chain orchestration contributed to strong performance. For Q4, the company anticipates sales between $6.0B and $6.4B, with adjusted EPS guidance of $1.90 to $2.00.

Data I/O Corporation has partnered with NXP Semiconductors and Avnet Silica to support the LPC55S6x series microcontroller using its SentriX security deployment platform. This collaboration allows OEMs to enhance IoT security for mass-market edge devices, facilitating simpler deployment and reducing costs. SentriX Product Creator provides easy-to-use security profiles, streamlining the production process for OEMs. The SentriX platform aims to improve security for software, services, and intellectual property, ultimately supporting new business models in IoT applications.

Avnet (Nasdaq: AVT) will hold its 2022 Investor Day on June 6 at Nasdaq MarketSite in New York City. Starting at 10:30 a.m. EDT, the event will feature presentations from CEO Phil Gallagher, CFO Tom Liguori, and senior leadership. Key topics include Avnet’s value proposition, Farnell's e-commerce investments, supply chain opportunities in electronic components, revenue growth in high-margin areas, and capital allocation for 2022 and beyond. A customer and supplier panel will also discuss industry trends. A webcast will be available on Avnet's website.