Financial Performance - Q3 sales of $5.7 billion, a 13.2% decrease year-over-year (YoY) from $6.5 billion in the prior year quarter[1][3][5] - Diluted EPS of $0.97, down 52.2% YoY from $2.03, with adjusted diluted EPS of $1.10, down 45.0% YoY from $2.00[1][3][5] - Operating income margin of 3.4%, down 145 basis points (bps) YoY from 4.8%, with adjusted operating income margin of 3.6%, down 124 bps YoY[3][5] - Electronic Components operating income margin of 4.1%, down 91 bps YoY from 5.0%[3][5] - Net income for the nine months ended March 30, 2024, was $416,033 thousand, compared to $615,572 thousand for the same period in 2023[17] - Adjusted operating income for the year to date 2024 was $706,610 thousand, compared to GAAP operating income of $680,177 thousand[23] - Adjusted net income for the year to date 2024 was $378,421 thousand, compared to GAAP net income of $416,033 thousand[23] - Adjusted diluted earnings per share for the year to date 2024 was $4.11, compared to GAAP diluted earnings per share of $4.52[23] - GAAP operating income for fiscal year 2023 was $1,186.8 million, with adjusted operating income at $1,220.9 million[24] - Adjusted net income for fiscal year 2023 was $752.8 million, with GAAP net income at $770.8 million[24] - Avnet's sales for the first nine months of fiscal 2024 were $18,194.2 million, with operating income at $680.2 million[27] - Avnet's sales for fiscal year 2023 were $26,536.9 million, with operating income of $1,186.8 million[28] Regional Sales Performance - Americas sales of $1.40 billion, down 18.2% YoY, EMEA sales of $2.05 billion, down 14.2% YoY, and Asia sales of $2.20 billion, down 8.7% YoY[6] - Sales in constant currency for the third quarter of fiscal 2024 showed a year-year decline of 13.2% for Avnet, with regional declines of 18.2% in the Americas, 14.2% in EMEA, and 8.7% in Asia[26] - Sales by geographic area for the first nine months of fiscal 2024 were $4,565.4 million in the Americas, $6,474.7 million in EMEA, and $7,154.1 million in Asia[27] Segment Performance - Farnell sales of $407.8 million, down 10.4% YoY, with an operating income margin of 4.0%, down 499 bps YoY[5] - Electronic Components segment sales for the first nine months of fiscal 2024 were $16,972.3 million, with operating income of $737.5 million[27] - Farnell segment sales for the first nine months of fiscal 2024 were $1,221.9 million, with operating income of $49.7 million[27] - Electronic Components segment sales for fiscal year 2023 were $24,802.6 million, with operating income of $1,179.6 million[28] - Farnell segment sales for fiscal year 2023 were $1,734.3 million, with operating income of $165.5 million[28] Cash Flow and Shareholder Returns - Generated $500 million in cash flow from operations, with trailing twelve-month cash flows from operations of $650 million[3] - Returned $28 million to shareholders in dividends during the quarter[3] - Net cash flows provided by operating activities for the nine months ended March 30, 2024, were $415,730 thousand, compared to a net cash outflow of $948,241 thousand for the same period in 2023[17] - The company repurchased $86,027 thousand of common stock during the nine months ended March 30, 2024, compared to $221,282 thousand for the same period in 2023[17] - The company paid $84,154 thousand in dividends on common stock during the nine months ended March 30, 2024, compared to $79,807 thousand for the same period in 2023[17] Guidance and Forecast - Q4 sales guidance range of $5.20 billion to $5.50 billion, with a midpoint of $5.35 billion, implying a sequential decline of 3% to 8%[7][8] - Q4 diluted EPS guidance range of $0.90 to $1.00, with a midpoint of $0.95[7] - Adjusted diluted earnings per share guidance ranges from $0.90 to $1.00[30] - GAAP diluted earnings per share guidance ranges from $0.80 to $0.85[30] - Restructuring, integration, and other expenses (net of tax) are estimated between $(0.10) and $(0.15)[30] Non-GAAP Financial Measures - The company uses non-GAAP financial measures such as adjusted operating income, adjusted net income, and adjusted diluted EPS to provide a more comparable basis for evaluating performance and forecasting future results[18][20][21] Currency Impact - Foreign currency exchange rate fluctuations had a significant impact on the company's reported results, with a stronger U.S. Dollar decreasing reported results and a weaker U.S. Dollar increasing reported results[19] Cash and Cash Equivalents - The company's cash and cash equivalents decreased by $69,757 thousand to $218,473 thousand at the end of March 30, 2024, compared to $288,230 thousand at the beginning of the period[17]

Electronics companies are expected to benefit from a recovery in demand across several key end markets. The rapid deployment of 5G technology worldwide is likely to have stood out as a major catalyst for these companies in the to-be-reported quarter. With the expansion of 5G networks, there's a heightened demand for telecommunications equipment and infrastructure, which is likely to boost the earnings of firms operating in this industry.Simultaneously, the increasing adoption of Internet of Things (IoT) tec ...

It has been about a month since the last earnings report for Avnet (AVT) . Shares have added about 2.7% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Avnet due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Avnet's Q2 Earnings and Revenues Surpass EstimatesAvnet ...

PHOENIX--(BUSINESS WIRE)--Avnet (Nasdaq: AVT), a leading global technology solutions provider, today announced it will participate in the upcoming 45th Annual Raymond James Institutional Investors Conference on March 4, 2024. Avnet’s Chief Financial Officer Ken Jacobson and Vice President, Treasury & Investor Relations Joe Burke will participate in a fireside chat at 11:00 a.m. ET. The live and archived webcast of the presentation can be accessed via Avnet’s Investor Relations web page at https://ir.avnet. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------------------------------------------|------------------- ...

Avnet (AVT) reported better-than-expected second-quarter fiscal 2024 results. The company’s non-GAAP earnings were $1.40 per share, which surpassed the Zacks Consensus Estimate of $1.39. However, the reported figure came 30% lower than the year-ago quarter’s non-GAAP earnings of $2 per share, mainly due to lower revenues and the negative impact of 12 cents from higher interest expenses.Revenues declined 7.6% year over year to $6.20 billion but slightly came ahead of the Zacks Consensus Estimate of $6.15 bil ...

Avnet Inc. (NASDAQ:AVT) Q2 2024 Earnings Call Transcript January 31, 2024 11:00 AM ET Company Participants Joe Burke - Vice President of Treasury & Investor Relations Phil Gallagher - CEO, Member of Executive Board & Director Ken Jacobson - Chief Financial Officer Conference Call Participants William Stein - Truth Securities Ruplu Bhattacharya - Bank of America Joe Quatrochi - Wells Fargo Matt Sheerin - Stifel Toshiya Hari - Goldman Sachs Operator Welcome to the Avnet Second Quarter Fiscal Year 2024 Earning ...

Avnet (AVT) reported $6.2 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 7.6%. EPS of $1.40 for the same period compares to $2.00 a year ago.The reported revenue represents a surprise of +0.86% over the Zacks Consensus Estimate of $6.15 billion. With the consensus EPS estimate being $1.39, the EPS surprise was +0.72%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ne ...

PHOENIX--(BUSINESS WIRE)--Avnet, Inc. (Nasdaq: AVT) today announced results for its second quarter ended December 30, 2023. Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased with the second quarter results, which were in line with our expectations. Our team continues to execute well despite the current economic environment and related challenges. We are confident that our strong competitive position and experience managing through many indus ...

Avnet (AVT) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on January 31. On th ...