Avnet(AVT) - 2024 Q3 - Quarterly Report

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$669 million, a decrease of $143 million or 17.6$190.2 million, a decrease of $123.5 million or 39.4$680.2 million, down $223.0 million or 24.7$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$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$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$86.5 million in the first nine months of fiscal 2024, compared to $61.7 million in the same period of fiscal 2023[102].