Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 2, 2022.
Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased to end the fiscal year on a high note, delivering another strong quarter of year-over-year sales growth and operating margin expansion. Supported by solid execution across our businesses, Avnet continues to gain share and secure new opportunities in the markets in which we compete. Despite an evolving macro environment, we remain well-positioned to continue to grow our business profitably by helping our customers and suppliers navigate an increasingly complex market.”
Fiscal Fourth Quarter Key Financial Highlights:
- Sales of $6.4 billion up 21.9% year over year from $5.2 billion.
- On a constant currency basis, sales increased 28.2% year over year.
- GAAP diluted earnings per share increased to $2.51, compared with $0.85 in the prior year quarter.
- Non-GAAP adjusted diluted earnings per share of $2.07, compared with $1.12 in the prior year quarter.
- GAAP operating income margin of 4.5%, increased 221 basis points year over year.
- Adjusted operating income margin of 4.5%, increased 161 basis points year over year.
- Electronic Components operating income margin of 4.3%, increased 122 basis points year over year.
- Farnell operating income margin of 14.2% increased 597 basis points year over year.
- Returned $25 million to shareholders in dividends during the quarter, an 18% per share increase year over year.
- Returned $102 million to shareholders in the quarter from share repurchases, representing 2.4% of outstanding shares.
Fiscal 2022 Key Financial Highlights:
- Sales of $24.3 billion up 24.5% year over year from $19.5 billion.
- On a constant currency basis, sales increased 27.2% year over year.
- GAAP diluted earnings per share increased to $6.94, compared with $1.93 in the prior year.
- Non-GAAP adjusted diluted earnings per share of $6.93, compared with $2.71 in the prior year.
- GAAP operating income margin of 3.9%, increased 242 basis points year over year.
- Adjusted operating income margin of 4.1%, increased 197 basis points year over year.
- Electronic Components operating income margin of 3.9%, increased 135 basis points year over year.
- Farnell operating income margin of 13.4% increased 764 basis points year over year.
- Returned $98 million to shareholders in dividends during the fiscal year.
- Returned $193 million to shareholders in the fiscal year from share repurchases, representing 4.7% of outstanding shares.
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