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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avnet Inc | NASDAQ:AVT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.77 | 1.58% | 49.41 | 45.07 | 51.22 | 49.915 | 48.715 | 49.50 | 746,177 | 01:00:00 |
Second quarter sales of $5.9 billion, up 25.6% year over year with diluted EPS of $1.50
Second quarter adjusted diluted EPS of $1.51
Electronic Components and Farnell operating margins increased to 3.5% and 13.7%, respectively
Avnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended January 1, 2022.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We’re pleased to have delivered another quarter of strong sales and margin expansion in both our Electronic Components and Farnell businesses, contributing to a solid first half to our fiscal year 2022. Our results reflect our team’s continued ability to execute, driving operating strength and organic growth across all regions, with a notable performance in the Americas. As we progress through the second half of fiscal year 2022, we expect to continue to benefit from the favorable demand environment as well as from our investments in e-commerce and in expanding customer relationships.”
Fiscal Second Quarter Key Financial Highlights:
Key Financial Metrics
($ in millions, except per share data)
Second Quarter Results (GAAP)
Dec – 21
Dec – 20
Change Y/Y
Sep – 21
Change Q/Q
Sales
$
5,865.2
$
4,668.2
25.6
%
$
5,584.7
5.0
%
Operating Income
211.7
57.2
269.9
%
168.2
25.8
%
Operating Income Margin
3.6
%
1.2
%
238
bps
3.0
%
60
bps
Diluted Earnings Per Share (EPS)
$
1.50
$
0.19
689.5
%
$
1.10
36.4
%
Second Quarter Results (Non-GAAP)(1)
Dec – 21
Dec – 20
Change Y/Y
Sep – 21
Change Q/Q
Sales
$
5,865.2
$
4,668.2
25.6
%
$
5,584.7
5.0
%
Adjusted Operating Income
215.5
79.6
170.7
%
178.8
20.5
%
Adjusted Operating Income Margin
3.7
%
1.7
%
197
bps
3.2
%
47
bps
Adjusted Diluted Earnings Per Share (EPS)
$
1.51
$
0.48
214.6
%
$
1.22
23.8
%
Segment and Geographical Mix
Dec – 21
Dec – 20
Change Y/Y
Sep – 21
Change Q/Q
Electronic Components (EC) Sales
$
5,424.3
$
4,342.4
24.9
%
$
5,129.5
5.8
%
EC Operating Income Margin
3.5
%
2.4
%
109
bps
3.2
%
31
bps
Farnell Sales
$
440.9
$
325.8
35.3
%
$
455.2
(3.2
)
%
Farnell Operating Income Margin
13.7
%
4.5
%
917
bps
10.9
%
276
bps
Americas Sales
$
1,391.5
$
1,101.5
26.3
%
$
1,258.8
10.6
%
EMEA Sales
1,840.8
1,346.3
36.7
%
1,747.6
5.3
%
Asia Sales
2,632.9
2,220.4
18.6
%
2,578.3
2.1
%
________________________(1)
A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.Outlook for the Third Quarter of Fiscal 2022 Ending on April 2, 2022
Guidance Range
Midpoint
Sales
$5.4B – $5.8B
$5.6B
Adjusted Diluted EPS(1)
$1.45 – $1.55
$1.50
________________________(1)
A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.The above guidance is based upon current market conditions and inventory availability and reflects traditional seasonality from the second fiscal quarter to the third fiscal quarter, primarily in the Asia region where sales traditionally decline due to Asia specific holidays. The above guidance also excludes amortization of intangibles, any potential restructuring, integration, and other expenses and certain income tax adjustments. The above guidance assumes an effective tax rate of between 20% and 24%. The above guidance assumes 100 million average diluted shares outstanding and average U.S. Dollar to Euro and GBP currency exchange rates are as shown below:
Q3 Fiscal
2022
Q2 Fiscal
Q3 Fiscal
Guidance
2022
2021
Euro
$1.13
$1.14
$1.20
GBP
$1.36
$1.35
$1.38
Today’s Conference Call and Webcast Details
Avnet will host a quarterly webcast and teleconference today at 1:30 p.m. PT and 4:30 p.m. ET to discuss its financial results and provide a corporate update. The webcast can be accessed via Avnet’s Investor Relations web page at: https://ir.avnet.com.
Those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. A replay of the conference call will be available for 90 days, through April 26, 2022 at 5:00 p.m. ET, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13725008.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations and business of the Company. You can find many of these statements by looking for words like “believes,” “projected”, “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: the scope and duration of the COVID-19 pandemic and its impact on global economic systems, access to financial markets and the Company’s employees, operations, customers, and supply chain; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; risks relating to the Company’s international sales and operations, including risks relating to the ability to repatriate cash, foreign currency fluctuations, inflation, duties and taxes, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers and suppliers, including as a result of issues caused by natural and weather-related disasters, pandemics and health related crisis, warehouse modernization and relocation efforts; risks related to cyber-attacks, other privacy and security incidents and information systems failures, including related to current or future implementations, integrations or upgrades; general economic and business conditions (domestic, foreign and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity and access to financing; constraints on employee retention and hiring; geopolitical events; and legislative or regulatory changes affecting the Company’s businesses.
Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.
About Avnet
As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)
AVNET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Second Quarters Ended
Six Months Ended
January 1,
January 2,
January 1,
January 2,
2022
2021
2022
2021
(Thousands, except per share data)
Sales
$
5,865,217
$
4,668,172
$
11,449,912
$
9,391,232
Cost of sales
5,152,182
4,156,919
10,077,185
8,363,899
Gross profit
713,035
511,253
1,372,727
1,027,333
Selling, general and administrative expenses
501,363
442,084
987,540
913,241
Restructuring, integration and other expenses
—
11,948
5,272
38,369
Operating income
211,672
57,221
379,915
75,723
Other income (expense), net
1,737
(1,333
)
1,327
(20,831
)
Interest and other financing expenses, net
(21,630
)
(21,485
)
(44,474
)
(43,787
)
Income before taxes
191,779
34,403
336,768
11,105
Income tax expense
40,958
15,240
74,629
10,831
Net income
$
150,821
$
19,163
$
262,139
$
274
Earnings per share:
Basic
$
1.52
$
0.19
$
2.64
$
0.00
Diluted
$
1.50
$
0.19
$
2.60
$
0.00
Shares used to compute earnings per share:
Basic
99,032
98,937
99,340
98,917
Diluted
100,286
99,932
100,701
99,897
Cash dividends paid per common share
$
0.24
$
0.21
$
0.48
$
0.42
AVNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
January 1,
July 3,
2022
2021
(Thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
167,818
$
199,691
Receivables
4,077,707
3,576,130
Inventories
3,542,723
3,236,837
Prepaid and other current assets
155,963
150,763
Total current assets
7,944,211
7,163,421
Property, plant and equipment, net
338,199
368,452
Goodwill
823,728
838,105
Intangible assets, net
19,271
28,539
Operating lease assets
248,020
265,988
Other assets
207,441
260,917
Total assets
$
9,580,870
$
8,925,422
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$
350,000
$
23,078
Accounts payable
2,693,696
2,401,357
Accrued expenses and other
588,581
572,457
Short-term operating lease liabilities
56,228
58,346
Total current liabilities
3,688,505
3,055,238
Long-term debt
1,144,592
1,191,329
Long-term operating lease liabilities
221,294
239,838
Other liabilities
323,253
354,833
Total liabilities
5,377,644
4,841,238
Shareholders’ equity
4,203,226
4,084,184
Total liabilities and shareholders’ equity
$
9,580,870
$
8,925,422
AVNET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
January 1, 2022
January 2, 2021
(Thousands)
Cash flows from operating activities:
Net income
$
262,139
$
274
Non-cash and other reconciling items:
Depreciation
43,876
44,002
Amortization
8,964
30,474
Amortization of operating lease assets
27,426
28,111
Deferred income taxes
(4,451
)
(311
)
Stock-based compensation
19,556
15,331
Impairments
—
15,166
Other, net
10,281
17,004
Changes in (net of effects from businesses acquired and divested):
Receivables
(558,702
)
(94,831
)
Inventories
(359,755
)
51,185
Accounts payable
328,574
130,768
Accrued expenses and other, net
(41,117
)
(29,779
)
Net cash flows (used) provided by operating activities
(263,209
)
207,394
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net
190,400
11,800
Borrowings (repayments) under senior unsecured credit facility, net
109,669
(239,430
)
Repayments under bank credit facilities and other debt, net
(1,550
)
(1,480
)
Repurchases of common stock
(45,570
)
—
Dividends paid on common stock
(47,642
)
(41,512
)
Other, net
(6,069
)
(2,301
)
Net cash flows provided (used) for financing activities
199,238
(272,923
)
Cash flows from investing activities:
Purchases of property, plant and equipment
(22,116
)
(30,022
)
Acquisitions of assets and businesses
—
(18,371
)
Other, net
68,270
725
Net cash flows provided (used) for investing activities
46,154
(47,668
)
Effect of currency exchange rate changes on cash and cash equivalents
(14,056
)
12,492
Cash and cash equivalents:
— decrease
(31,873
)
(100,705
)
— at beginning of period
199,691
477,038
— at end of period
$
167,818
$
376,333
Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted operating expenses, (iii) adjusted other income (expense), (iv) adjusted income before income taxes, (v) adjusted income tax expense (benefit), (vi) adjusted diluted earnings per share, and (vii) sales adjusted for the impact of significant acquisitions and other items (as defined in the Organic Sales section of this document).
There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes organic sales and sales in constant currency are useful measures for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.
Management believes that operating income and operating expenses adjusted for restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income and operating expenses without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other.
Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.
Management also believes income tax expense (benefit), net income and diluted earnings (loss) per share adjusted for the impact of the items described above and certain items impacting other income (expense) and income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the adjusted interim effective tax rate based upon the expected annual adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income (loss) and diluted earnings (loss) per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.
Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.
Fiscal
Quarters Ended
Year to Date
January 1,
October 2,
2022*
2022*
2021*
($ in thousands, except per share amounts)
GAAP selling, general and administrative expenses
$
987,540
$
501,363
$
486,178
Amortization of intangible assets and other
(9,035
)
(3,796
)
(5,239
)
Adjusted operating expenses
978,505
497,567
480,939
GAAP operating income
$
379,915
$
211,672
$
168,243
Restructuring, integration and other expenses
5,272
-
5,272
Amortization of intangible assets and other
9,035
3,796
5,239
Adjusted operating income
394,222
215,468
178,754
GAAP income before income taxes
$
336,768
$
191,779
$
144,990
Restructuring, integration and other expenses
5,272
-
5,272
Amortization of intangible assets and other
9,035
3,796
5,239
Other expenses
441
-
441
Adjusted income before income taxes
351,516
195,575
155,942
GAAP income tax expense
$
74,629
$
40,958
$
33,672
Restructuring, integration and other expenses
1,012
-
1,012
Amortization of intangible assets and other
1,702
704
998
Other expenses
136
-
136
Income tax benefit (expense) items, net
(153
)
2,917
(3,070
)
Adjusted income tax expense
77,326
44,579
32,748
GAAP net income
$
262,139
$
150,821
$
111,318
Restructuring, integration and other expenses (net of tax)
4,260
-
4,260
Amortization of intangible assets and other (net of tax)
7,333
3,092
4,241
Other expenses (net of tax)
305
-
305
Income tax (benefit) expense items, net
153
(2,917
)
3,070
Adjusted net income
274,190
150,996
123,194
GAAP diluted earnings per share
$
2.60
$
1.50
$
1.10
Restructuring, integration and other expenses (net of tax)
0.04
-
0.04
Amortization of intangible assets and other (net of tax)
0.07
0.03
0.04
Other expenses (net of tax)
0.00
-
0.00
Income tax (benefit) expense items, net
0.00
(0.03
)
0.03
Adjusted diluted EPS
2.72
1.51
1.22
________________________ * May not foot/cross foot due to rounding.
Quarters Ended
Fiscal Year
July 3,
April 3,
January 2,
October 3,
2021*
2021
2021
2021
2020
($ in thousands, except per share amounts)
GAAP selling, general and administrative expenses
$
1,874,831
$
498,497
$
463,092
$
442,084
$
471,158
Amortization of intangible assets and other
(41,245
)
(5,370
)
(5,283
)
(10,417
)
(20,175
)
Adjusted operating expenses
1,833,586
493,127
457,809
431,667
450,983
GAAP operating income
$
281,408
$
118,001
$
87,684
$
57,221
$
18,502
Restructuring, integration and other expenses
84,391
28,449
17,574
11,948
26,420
Amortization of intangible assets and other
41,245
5,370
5,283
10,417
20,175
Adjusted operating income
407,044
151,820
110,541
79,586
65,097
GAAP income (loss) before income taxes
$
172,929
$
91,701
$
70,121
$
34,403
$
(23,297
)
Restructuring, integration and other expenses
84,391
28,449
17,574
11,948
26,420
Amortization of intangible assets and other
41,245
5,370
5,283
10,417
20,175
Other expenses - equity investment impairments and other
20,413
5,139
-
51
15,223
Adjusted income before income taxes
318,978
130,659
92,978
56,819
38,521
GAAP income tax expense (benefit)
$
(20,185
)
$
6,346
$
(37,363
)
$
15,240
$
(4,408
)
Restructuring, integration and other expenses
17,468
6,172
4,118
2,577
4,601
Amortization of intangible assets and other
9,099
1,025
1,008
2,037
5,029
Other expenses - equity investment impairments and other
90
38
-
26
26
Income tax benefit (expense) items, net
41,275
4,091
50,682
(10,788
)
(2,710
)
Adjusted income tax expense
47,747
17,672
18,445
9,092
2,538
GAAP net income (loss)
$
193,114
$
85,355
$
107,484
$
19,163
$
(18,889
)
Restructuring, integration and other expenses (net of tax)
66,923
22,277
13,456
9,371
21,819
Amortization of intangible assets and other (net of tax)
32,146
4,345
4,275
8,380
15,146
Other expenses - equity investment impairments and other (net of tax)
20,323
5,101
-
25
15,197
Income tax (benefit) expense items, net
(41,275
)
(4,091
)
(50,682
)
10,788
2,710
Adjusted net income
271,231
112,987
74,533
47,727
35,983
GAAP diluted earnings (loss) per share
$
1.93
$
0.85
$
1.07
$
0.19
$
(0.19
)
Restructuring, integration and other expenses (net of tax)
0.67
0.22
0.13
0.09
0.22
Amortization of intangible assets and other (net of tax)
0.32
0.04
0.04
0.09
0.15
Other expenses - equity investment impairments and other (net of tax)
0.20
0.05
-
0.00
0.15
Income tax (benefit) expense items, net
(0.41
)
(0.04
)
(0.50
)
0.11
0.03
Adjusted diluted EPS
2.71
1.12
0.74
0.48
0.36
________________________ * May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date.
Sales of TI Products
In December 2020, the termination of the Company’s electronic components distribution agreement with Texas Instruments (“TI”) was completed. Sales of TI products by quarter are outlined in the following table:
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
January 1,
October 2,
July 3,
April 3,
January 2,
2022
2021
2021
2021
2021
(in millions)
Sales of TI Products
$
-
$
-
$
-
$
1.7
$
49.6
Organic Sales
Organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet’s prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.
As a result of declining sales due to the termination of the TI distribution agreement discussed further above, organic sales growth rates have also been adjusted to exclude sales of TI products.
Reported sales were the same as organic sales for the second quarter and first six months of fiscal 2022. The following table presents the reconciliation of reported sales to organic sales for the second quarter and first six months of fiscal 2021.
Quarter Ended
Six Months Ended
Sales
Organic
Estimated
Organic
As Reported
Sales
Sales
Extra
Organic
Sales
and Organic
TI Sales
Adj for TI
As Reported
Week in
Sales
TI Sales
Adj for TI
Q2-Fiscal
Q2-Fiscal
Q2-Fiscal
Q2-Fiscal
Fiscal
Q2-Fiscal
Q2-Fiscal
Q2-Fiscal
2021
2021(1)
2021(1)
2021
2021(2)
2021
2021(1)
2021(1)
(in millions)
Avnet
$
4,668.2
$
49.6
$
4,618.6
$
9,391.2
$
306.0
$
9,085.2
$
290.6
$
8,794.6
Avnet by region
Americas
$
1,101.5
$
14.0
$
1,087.5
$
2,307.1
$
77.0
$
2,230.1
$
82.5
$
2,147.6
EMEA
1,346.3
20.8
1,325.5
2,827.0
97.0
2,730.0
123.7
2,606.3
Asia
2,220.4
14.8
2,205.6
4,257.1
132.0
4,125.1
84.4
4,040.7
Avnet by segment
EC
$
4,342.4
$
49.6
$
4,292.8
$
8,724.5
$
284.0
$
8,440.5
$
290.6
$
8,149.9
Farnell
325.8
—
325.8
666.7
22.0
644.7
—
644.7
________________________(1)
Sales adjusted for the impact of the termination of the TI distribution contract.(2)
The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated.The following table presents reported and organic sales growth rates for the second quarter and first six months of fiscal 2022 compared to fiscal 2021.
Quarter Ended
Six Months Ended
Organic
Organic
Sales
Sales
Sales
Organic
Sales
As Reported
Adj for TI
As Reported
Sales
Adj for TI
Sales
Year-Year %
Year-Year %
Sales
Year-Year %
Organic
Year-Year %
Year-Year %
As Reported
Change in
Change in
As Reported
Change in
Sales
Change in
Change in
Year-Year
Constant
Constant
Year-Year
Constant
Year-Year
Constant
Constant
% Change
Currency
Currency(1)
% Change
Currency
% Change
Currency
Currency(1)
Avnet
25.6
%
27.4
%
28.8
%
21.9
%
22.4
%
26.0
%
26.5
%
30.7
%
Avnet by region
Americas
26.3
%
26.3
%
28.0
%
14.9
%
14.9
%
18.8
%
18.8
%
23.4
%
EMEA
36.7
41.7
43.9
26.9
28.2
31.4
32.7
39.1
Asia
18.6
19.4
20.2
22.4
22.7
26.3
26.7
29.3
Avnet by segment
EC
24.9
%
26.8
%
28.2
%
21.0
%
21.6
%
25.0
%
25.6
%
30.1
%
Farnell
35.3
35.8
35.8
34.4
32.8
39.0
37.3
37.3
________________________
(1)
Sales growth rates excluding the impact of the termination of the TI distribution agreement.Historical Segment Financial Information
Fiscal 2022
Quarters Ended
Fiscal
Second Quarter
First Quarter
Year to Date
January 1,
October 2,
2022*
2022
2021*
(in millions)
Sales:
Electronic Components
$
10,553.8
$
5,424.3
$
5,129.5
Farnell
896.1
440.9
455.2
Avnet sales
$
11,449.9
$
5,865.2
$
5,584.7
Operating income:
Electronic Components
$
351.4
$
188.9
$
162.4
Farnell
109.8
60.2
49.6
461.2
249.1
212.0
Corporate expenses
(66.9
)
(33.6
)
(33.3
)
Restructuring, integration and other expenses
(5.3
)
-
(5.3
)
Amortization of acquired intangible assets and other
(9.0
)
(3.8
)
(5.2
)
Avnet operating income
$
379.9
$
211.7
$
168.2
Sales by geographic area:
Americas
$
2,650.3
$
1,391.5
$
1,258.8
EMEA
3,588.4
1,840.8
1,747.6
Asia
5,211.2
2,632.9
2,578.3
Avnet sales
$
11,449.9
$
5,865.2
$
5,584.7
________________________ * May not foot/cross foot due to rounding.
Fiscal Year 2021
Quarters Ended
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fiscal Year
July 3,
April 3,
January 2,
October 3,
2021*
2021
2021
2021
2020
(in millions)
Sales:
Electronic Components
$
18,030.5
$
4,785.3
$
4,520.6
$
4,342.4
$
4,382.2
Farnell
1,504.2
441.4
396.1
325.8
340.9
Avnet
$
19,534.7
$
5,226.7
$
4,916.7
$
4,668.2
$
4,723.1
Operating income:
Electronic Components
$
454.8
$
147.8
$
118.6
$
103.9
$
84.4
Farnell
86.9
36.5
23.9
14.6
12.0
541.7
184.3
142.5
118.5
96.4
Corporate expenses
(134.7
)
(32.5
)
(31.9
)
(39.0
)
(31.3
)
Restructuring, integration and other expenses
(84.4
)
(28.4
)
(17.6
)
(11.9
)
(26.4
)
Amortization of acquired intangible assets and other
(41.2
)
(5.4
)
(5.3
)
(10.4
)
(20.2
)
Avnet operating income
$
281.4
$
118.0
$
87.7
$
57.2
$
18.5
Sales by geographic area:
Americas
$
4,662.5
$
1,194.4
$
1,161.0
$
1,101.5
$
1,205.7
EMEA
6,149.9
1,737.3
1,585.6
1,346.3
1,480.7
Asia
8,722.3
2,295.0
2,170.1
2,220.4
2,036.7
Avnet
$
19,534.7
$
5,226.7
$
4,916.7
$
4,668.2
$
4,723.1
________________________ * May not foot/cross foot due to rounding.
Guidance Reconciliation
The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the third quarter of fiscal 2022.
Low End of
High End of
Guidance Range
Guidance Range
Adjusted diluted earnings per share guidance
$
1.45
$
1.55
Restructuring, integration and other expense (net of tax)
(0.01
)
(0.02
)
Amortization of intangibles and other (net of tax)
(0.03
)
(0.04
)
Income tax expense adjustments
(0.03
)
0.03
GAAP diluted earnings per share guidance
$
1.38
$
1.52
View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005644/en/
Investor Relations Contacts Joe Burke, 480-643-7431 Joseph.Burke@avnet.com
Media Relations Contact Jeanne Forbis, 480-643-7499 Jeanne.Forbis@Avnet.com
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