Avnet, Inc. - AVT STOCK NEWS

Avnet (Nasdaq: AVT) announced that CEO Phil Gallagher, CFO Tom Liguori, and VP Joe Burke will participate in a virtual fireside chat at the Citi 2021 Global Technology Conference on September 15 at 1:50 p.m. ET. This event will be webcast live and available for replay on Avnet's Investor Relations section. Avnet, a leading global technology distributor, supports customers throughout the product lifecycle, facilitating faster revenue realization. For more details, visit www.avnet.com.

Avnet (NASDAQ: AVT) has appointed Ernest Maddock to its board of directors, effective immediately. Maddock will contribute his extensive technology and financial expertise, having previously served as the CFO at Micron Technology, Riverbed Technology, and LAM Research. His appointment aims to enhance corporate governance as Avnet enters its Centennial year. Maddock also serves on the board of Ultra Clean Holdings, focusing on semiconductor systems. With an MBA from Georgia State University, his leadership is anticipated to offer valuable insights for Avnet's global business growth.

Avnet (Nasdaq: AVT) announced a 9.1% increase in its quarterly cash dividend to $0.24 per share, reflecting confidence in its financial position and robust cash generation. The dividend will be payable on September 21, 2021, to shareholders of record as of September 7, 2021. CEO Phil Gallagher emphasized the commitment to delivering sustainable shareholder returns through a balanced capital allocation strategy following a strong performance in the fiscal year 2021.

Additionally, Avnet will hold its Annual Shareholder Meeting on November 18, 2021, in a hybrid format.

Avnet reported strong financial results for the fourth quarter and fiscal year ended July 3, 2021, with sales of $5.2 billion, a 25.7% year-over-year increase. GAAP diluted EPS rose to $0.85, up from $0.53 a year earlier, while non-GAAP adjusted diluted EPS increased to $1.12 from $0.64. Operating margins improved, with Farnell achieving 8.3% margin. Looking ahead, Avnet forecasts first-quarter sales between $5.1B and $5.4B and adjusted EPS of $1.02 to $1.12. The company continues to capitalize on strong demand across all regions.

Avnet, Inc. (Nasdaq: AVT) released preliminary results for Q4, showing sales of $5.2 billion, exceeding previous guidance of $4.7 to $5.1 billion. This represents a year-over-year growth of 25.7% and a quarter-over-quarter increase of 6.3%. GAAP diluted EPS is projected between $0.72 and $0.78, while adjusted EPS is expected to be $1.01 to $1.05, reflecting substantial growth of 57.8% to 64.1% year-over-year. The positive performance is attributed to strong sales growth in EMEA, Asia, and Farnell, alongside improved operating margins across regions.

Newark, an Avnet Company, has released its Women in Engineering 2021 survey results, revealing widespread support for gender equality in engineering from respondents of all genders. The survey, conducted among over 370 participants globally, indicates a shared belief in the importance of addressing gender inequality and promoting women into leadership roles. While women appreciate the financial benefits of the industry, they still highlight the ongoing issues of the gender pay gap. The survey coincides with International Women in Engineering Day and emphasizes the need for stronger equality policies.

Avnet (Nasdaq: AVT) announced its participation in three investor conferences in June 2021. The first event is on June 8 at the Stifel Virtual Cross Sector Insight Conference, featuring a fireside chat at 2:40 p.m. ET. The second event is on June 10 at the Bank of America Securities 2021 Global Technology Conference, starting at 2:30 p.m. ET. Lastly, CEO Phil Gallagher will speak at Barron’s Investing in Tech conference on June 16 from 12:25 p.m. ET. Live webcasts and replays will be available on Avnet's investor relations website.

Avnet (AVT) announced a 4.8% increase in its quarterly cash dividend, raising it to $0.22 per share. The dividend will be paid on June 23, 2021, to shareholders of record as of June 9, 2021. This decision reflects Avnet's commitment to returning cash to shareholders, a result of its operational streamlining and improved financial profile. CEO Phil Gallagher emphasized the increase as a sign of confidence in their growth strategy and the company's ability to generate strong free cash flow.

Avnet, Inc. (Nasdaq: AVT) reported robust fiscal Q3 results for the period ending April 3, 2021, achieving $4.9 billion in sales, up 14.1% year-over-year and exceeding guidance. The company noted a significant increase in GAAP diluted earnings per share (EPS) to $1.07 compared to a loss of $1.29 in the prior year. Non-GAAP adjusted EPS rose 94.7% to $0.74. Operating margins also improved, with GAAP margin up 447 basis points to 1.8%. CEO Phil Gallagher cited strong execution and strategic relationships as key drivers amid supply challenges.