Avnet, Inc. (NASDAQ:AVT) Q4 2024 Earnings Conference Call August 8, 2024 12:00 PM ET Company Participants Joe Burke - Vice President, Treasurer & Investor Relations Phil Gallagher - Chief Executive Officer Ken Jacobson - Chief Financial Officer Conference Call Participants William Stein - Truist Securities Matt Sheerin - Stifel Melissa Fairbanks - Raymond James Joe Quatrochi - Wells Fargo Ruplu Bhattacharya - Bank of America Operator Welcome to the Avnet Fourth Quarter Fiscal Year 2024 Earnings Call. I woul ...

For the quarter ended June 2024, Avnet (AVT) reported revenue of $5.56 billion, down 15.1% over the same period last year. EPS came in at $1.22, compared to $2.06 in the year-ago quarter.The reported revenue represents a surprise of +3.75% over the Zacks Consensus Estimate of $5.36 billion. With the consensus EPS estimate being $0.95, the EPS surprise was +28.42%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectatio ...

Avnet (AVT) came out with quarterly earnings of $1.22 per share, beating the Zacks Consensus Estimate of $0.95 per share. This compares to earnings of $2.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.42%. A quarter ago, it was expected that this distributor of electronic components would post earnings of $1.11 per share when it actually produced earnings of $1.10, delivering a surprise of -0.90%.Over the last four quar ...

Exhibit 99.1 Avnet Reports Fourth Quarter and Fiscal 2024 Financial Results Fourth quarter sales of $5.6 billion and diluted EPS of $0.91 Adjusted diluted EPS of $1.22 Electronic Components operating margin of 4.1% PHOENIX – August 8, 2024 – Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2024 ended June 29, 2024. "We are pleased with our fiscal 2024 performance as we executed well, despite some challenging market conditions," said Avnet Chief Executive Officer Phil ...

Analysts on Wall Street project that Avnet (AVT) will announce quarterly earnings of $0.95 per share in its forthcoming report, representing a decline of 53.9% year over year. Revenues are projected to reach $5.36 billion, declining 18.2% from the same quarter last year.Over the last 30 days, there has been a downward revision of 1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the ...

In a market like this, you should identify stocks most likely to underperform as a way of protecting your portfolio. Some stocks have had poor performances in the past years but then they have some very significant challenges that can take their value into a slump.Deep, top-line declines and restructuring deceleration have weighed down these same companies, and this usually consumes a lot of sales headwinds from various sectors. Realizing them early enough as an investor helps you make informed decisions an ...

Have you looked into how Avnet (AVT) performed internationally during the quarter ending March 2024? Considering the widespread global presence of this distributor of electronic components, examining the trends in international revenues is essential for assessing its financial resilience and prospects for growth.In the current era of a tightly interconnected global economy, the proficiency of a company to penetrate international markets significantly influences its financial health and trajectory of growth. ...

Financial Performance - For Q3 2024, Avnet reported sales of $5.65 billion, a decrease of $861 million or 13.2% compared to $6.51 billion in Q3 2023[87]. - Adjusted operating income for Q3 2024 was $202.7 million, down from $314.5 million in Q3 2023, reflecting a decline of 35.5%[82]. - Gross profit for Q3 2024 was $669 million, a decrease of $143 million or 17.6% year-over-year[89]. - The gross profit margin decreased by 62 basis points to 11.8% in Q3 2024 compared to 12.5% in Q3 2023[90]. - Operating income for Q3 fiscal 2024 was $190.2 million, a decrease of $123.5 million or 39.4% year over year, with an operating income margin of 3.4%[97]. - Year-to-date operating income for the first nine months of fiscal 2024 was $680.2 million, down $223.0 million or 24.7% from the same period in fiscal 2023[97]. - Net income for Q3 fiscal 2024 was $88.8 million, or $0.97 per share, compared to $187.4 million, or $2.03 per share, in Q3 fiscal 2023[104]. Sales and Market Trends - For the first nine months of fiscal 2024, sales were $18.19 billion, a decrease of $1.79 billion or 9.0% compared to $19.98 billion in the same period of fiscal 2023[87]. - EC sales in Q3 2024 were $5.25 billion, down $813.9 million or 13.4% from Q3 2023, driven by market downturns[88]. - Farnell sales for Q3 2024 were $407.8 million, reflecting a decrease of $47.2 million or 10.4% year-over-year[88]. Expenses and Costs - SG&A expenses decreased by $30.9 million or 6.2% in Q3 2024 compared to Q3 2023, but as a percentage of sales, they increased to 8.3% from 7.6%[91][92]. - Restructuring, integration, and other expenses in Q3 2024 totaled $11.8 million, with an after-tax impact of $9.1 million or $0.10 per diluted share[94]. - Interest and other financing expenses in Q3 fiscal 2024 were $73.5 million, an increase of $1.8 million compared to Q3 fiscal 2023, and $218.6 million for the first nine months, up $42.8 million year over year[99]. - The Company had other expenses of $14.7 million in Q3 fiscal 2024, compared to other income of $1.7 million in Q3 fiscal 2023, primarily due to foreign currency translation losses[101]. Cash Flow and Debt - Net cash provided by operating activities was $499 million for Q3 fiscal 2024, and $415.7 million for the first nine months, a significant increase from a net cash used of $948.2 million in the same period last year[105]. - The Company repaid $106.3 million in debt during the first nine months of fiscal 2024, contrasting with $1.43 billion of net borrowing in the same period of the prior year[106]. - Cash and cash equivalents as of March 30, 2024, were $218.5 million, down from $288.2 million as of July 1, 2023[111]. Future Outlook - The company expects Q4 2024 sales to be 3% to 8% lower than Q3 2024 sales, which will negatively impact operating income and diluted earnings per share[84]. Taxation - The effective tax rate for Q3 fiscal 2024 was 12.9%, down from 23.1% in Q3 fiscal 2023, primarily due to a mix of income in lower tax foreign jurisdictions[103]. Legal and Other Gains - The Company recorded a gain on legal settlements of $86.5 million in the first nine months of fiscal 2024, compared to $61.7 million in the same period of fiscal 2023[102].

Avnet (AVT) reported lower-than-expected third-quarter fiscal 2024 results. The company’s non-GAAP earnings were $1.10 per share, which came a penny lower than the Zacks Consensus Estimate of $1.11. Moreover, the reported figure came 45% lower than the year-ago quarter’s non-GAAP earnings of $2 per share, mainly due to lower revenues.Revenues declined 13% year over year to $5.65 billion and came slightly lower than the Zacks Consensus Estimate of $5.70 billion. The company’s top-line performance reflects a ...

Avnet, Inc. (NASDAQ:AVT) Q3 2024 Results Conference Call May 1, 2024 12:00 PM ET Company Participants Joe Burke - VP, Treasury & IR Phil Gallagher - CEO Ken Jacobson - CFO Conference Call Participants Matt Sheerin - Stifel Joe Quatrochi - Wells Fargo William Stein - Truist Securities Ruplu Bhattacharya - Bank of America Operator Welcome to the Avnet Third Quarter Fiscal Year 2024 Earnings Call. I would now like to turn the floor over to Joe Burke, Vice President, Treasury and Investor Relations for Avnet. J ...