Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 1, 2023.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “Our strong financial results in fiscal 2023 demonstrate the dedication and commitment of our employees in driving profitable growth. With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well-positioned to capitalize on the industry growth expected over the next several years. Although we can’t control near-term market conditions, our team will continue to focus on executing well in the market.”
Fiscal Fourth Quarter Key Financial Highlights:
- Sales of $6.6 billion up 2.9% year over year from $6.4 billion.
- On a constant currency basis, sales increased 2.9% year over year.
- Diluted earnings per share of $1.68, compared with $2.51 in the prior year quarter.
- Adjusted diluted earnings per share of $2.06, compared with $2.07 in the prior year quarter.
- Higher interest expense negatively impacted year-over-year adjusted diluted earnings per share by $0.39.
- Operating income margin of 4.3%, decreased 14 basis points year over year.
- Adjusted operating income margin of 4.8%, increased 26 basis points year over year.
- Year-over-year adjusted operating income grew three times greater than sales.
- Electronic Components operating income margin of 5.1%, increased 77 basis points year over year.
- Farnell operating income margin of 8.1% decreased 90 basis points sequentially.
- Generated $234.5 million of cash flow from operations during the quarter.
- Returned $26.5 million to shareholders in dividends during the quarter.
Fiscal 2023 Key Financial Highlights:
- Sales of $26.5 billion up 9.2% year over year from $24.3 billion.
- On a constant currency basis, sales increased 13.4% year over year.
- Diluted earnings per share of $8.26, compared with $6.94 in the prior year.
- Adjusted diluted earnings per share of $8.06, compared with $6.93 in the prior year.
- Higher interest expense negatively impacted year over year adjusted diluted earnings per share by $1.24.
- Operating income margin of 4.5%, increased 61 basis points year over year.
- Adjusted operating income margin of 4.6%, increased 55 basis points year over year.
- Year-over-year adjusted operating income grew more than 2.5 times greater than sales.
- Electronic Components operating income margin of 4.8%, increased 89 basis points year over year.
- Farnell operating income margin of 9.5% decreased 388 basis points year over year.
- Returned $106 million to shareholders in dividends during the fiscal year.
- Returned $213 million to shareholders in the fiscal year from share repurchases, representing 5.3% of outstanding shares.
- The full release and tables can be found here.
Author: News Desk
The EPSNews news desk compiles information relevant to the electronics supply chain, including industry reports and statistics; logistics data, standards, governance and company announcements; personnel notifications and other items of note.
