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:
- Sales of $5.9 billion, up from $4.7 billion in the prior year
and exceeding guidance.
- On a constant currency basis, sales grew 27.4% year over year
and 6.1% sequentially.
- GAAP diluted earnings per share of $1.50, compared with $0.19
in the prior year.
- Non-GAAP adjusted diluted earnings per share of $1.51, compared
with $0.48 in the prior year.
- Farnell operating margins increased 276 basis points
sequentially to 13.7%.
- Electronic Components operating margins increased 31 basis
points sequentially to 3.5%, supported by growth across all
regions.
- Returned $23.7 million to shareholders in dividends, with the
dividend payout increasing 14% year over year.
Key Financial Metrics
($ 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
Avnet (NASDAQ:AVT)
Historical Stock Chart
From Apr 2024 to May 2024
Avnet (NASDAQ:AVT)
Historical Stock Chart
From May 2023 to May 2024