Avnet, Inc.
Aug 5, 2015

Avnet, Inc. Reports Fourth Quarter and Fiscal Year 2015 Results

Fiscal Year 2015 Organic Sales Growth of 5% in Constant Currency
And Continued Progress in Financial Performance

PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (NYSE:AVT) today announced results for the fourth quarter fiscal year 2015 ended June 27, 2015.

Fiscal 2015 Results

           
FISCAL YEARS ENDED
June 27, 2015 June 28, 2014 Change
 
$ in millions, except per share data
Sales $ 27,924.7 $ 27,499.7 1.5 %
Constant Currency (1) 5.4 %
 
GAAP Operating Income 827.7 789.9 4.8 %
Adjusted Operating Income (2) 972.5 931.3 4.4 %
 
GAAP Net Income 571.9 545.6 4.8 %
Adjusted Net Income (2) 623.1 594.1 4.9 %
 
GAAP Diluted EPS $ 4.12 $ 3.89 5.9 %
Adjusted Diluted EPS (2) $ 4.49 $ 4.24 5.9 %

__________

(1)   Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.
(2) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the Non-GAAP Financial Information section in this press release.
 

Rick Hamada, Chief Executive Officer, commented, "Despite the significant strengthening of the U.S. Dollar throughout fiscal 2015, the Avnet team delivered consistent improvement in our financial performance as revenue grew year over year and adjusted operating income margin expanded in all four quarters. As a result, reported revenue of $27.9 billion represented a 5.4% year-over-year increase in constant currency and adjusted operating income grew 11.0% in constant currency to $972.5 million. The improvement in profitability was led by our EMEA region where both operating groups grew operating income double digits and operating income margin increased by greater than 50 basis points despite the currency headwinds that negatively impacted our reported results. This increase in profitability, combined with continued discipline on working capital management, drove cash flow from operations up 146% from fiscal 2014 to $584 million, and return on working capital increased to 21.6%. During the year, we paid out $87 million in dividends and returned another $160 million to shareholders via our share repurchase program. We continue to apply our disciplined portfolio management across our business and redirect investment to higher growth opportunities, including embedded systems, converged infrastructure and the multiple opportunities being created by the Industrial Internet of Things. With our strong financial position, we enter fiscal 2016 well positioned to deliver continued organic growth and progress toward our financial goals."

Q4 Fiscal 2015 Results

           
FOURTH QUARTERS ENDED
June 27, 2015 June 28, 2014 Change
$ in millions, except per share data
Sales $ 6,796.3 $ 7,048.7

(3.6

)%

Constant Currency (1) 3.1 %
 
GAAP Operating Income 180.5 204.5

(11.8

)%

Adjusted Operating Income (2) 243.8 244.9

(0.4

)%

 
GAAP Net Income 158.7 186.3

(14.8

)%

Adjusted Net Income (2) 159.5 160.1

(0.4

)%

 
GAAP Diluted EPS $ 1.15 $ 1.33

(13.5

)%

Adjusted Diluted EPS (2) $ 1.16 $ 1.14 1.8 %

__________

(1)   Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.
(2) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the Non-GAAP Financial Information section in this press release.
 

Mr. Hamada said, "Similar to the March quarter, our results were negatively impacted by the strong dollar as organic revenue growth of 3.1% year over year in constant currency translated into a 3.6% decline as reported. High single digit organic growth in our Electronics Marketing (EM) business in our EMEA and Asia regions was offset by a decline in our computing components business at Technology Solutions (TS). Our reported earnings were also negatively impacted by a stronger dollar as a 10.0% year-over-year growth in our adjusted operating income in local currencies was reduced to a 0.4% decrease. Even though currency had a negative impact on our reported results, our team executed well and generated leverage on organic growth. If you exclude the impact of changes in foreign currency exchange rates, in the June quarter we grew operating income 3.3 times faster than revenue."

Avnet Electronics Marketing Results

       
Year-over-
Year Growth Rates
Q4 FY15 Reported and
Sales Organic Sales
(in millions)
EM Total $ 4,315.9

(0.1

)%

Constant Currency (1) 7.2 %
Americas $ 1,269.9 1.8

%

EMEA $ 1,245.0

(10.7

)%

Constant Currency (1) 9.7 %
Asia $ 1,801.0 7.4

%

           
Q4 FY15 Q4 FY14 Change
Operating Income $ 205.9 $ 207.0

(0.5

)%

Operating Income Margin 4.8 % 4.8 % 0 bps

__________

(1)   Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.
 

Mr. Hamada added, "EM closed out the year with another strong quarter as high single digit organic growth in our EMEA and Asia regions drove total revenue up over 7% year over year in constant currency. EM EMEA delivered another quarter of strong leverage as operating income in local currencies grew 3.1 times faster than revenue for both the fourth quarter and full fiscal year. At EM Asia, where double digit growth in fiscal 2015 was driven by high volume supply chain engagements, return on working capital increased 82 basis points and economic profit grew 2.3 times faster than revenue. In our Americas region, which has been dealing with a sluggish growth environment all year, fiscal 2015 revenue grew 1.6% year over year and operating income margin was consistent with the prior year. These strong organic results were significantly reduced at the EM global level on a reported basis due to the stronger dollar. EM's operating income decreased 0.5% year over year in reported dollars in the fourth fiscal quarter but increased 6.6% for the full fiscal year."

Avnet Technology Solutions Results

       
Year-over-
Year Growth Rates
Q4 FY15 Reported and
Sales Organic Sales
(in millions)
TS Total $ 2,480.5

(9.2

)%

Constant Currency (1)

(3.5

)%

Americas $ 1,497.3

(4.2

)%

EMEA $ 624.8

(16.3

)%

Constant Currency (1)

(2.3

)%

Asia $ 358.4

(14.8

)%

           
Q4 FY15 Q4 FY14 Change
Operating Income $ 77.6 $ 74.1 4.7 %
Operating Income Margin 3.1 % 2.7 % 42 bps

__________

(1)   Year-over-year sales growth rate excluding the impact of changes in foreign currency exchange rates.
 

Mr. Hamada further added, "In our June quarter, our TS team continued their focus on improving profitability as operating income margin grew 42 basis points from the year ago quarter. TS achieved this margin expansion despite a negative impact from both currency and the significant decline for our computing components business. As a result of these factors, TS reported revenue declined 9.2% year over year in the June quarter even though the sales in our enterprise IT business was consistent with the prior year in constant currency. For the full fiscal year, TS revenue declined 3.4% but was flat on a constant currency basis as growth in our datacenter solutions business in our western regions was offset by a double digit decline in our computing component business. At a regional level, our Americas region grew 2.3% in fiscal 2015 while our EMEA region declined 1.4% in constant currency and TS Asia was down 13.6%. A significant highlight for TS in fiscal 2015 was the continued progress in our enterprise IT business at TS EMEA, where growth in constant currency and disciplined expense management combined to drive TS EMEA's operating income margin up 55 basis points for the full fiscal year. As a result of this performance, TS' operating income margin improved to 3.1% in both the fourth quarter and full fiscal year. We believe our continued discipline in portfolio management coupled with our investments in newer technologies, including converged infrastructure and the solutions built around them, continue to drive profitable growth that is resulting in enhanced profitability and continued progress toward our margin and return goals."

Cash Flow/Dividend

Kevin Moriarty, Chief Financial Officer, stated, "In fiscal 2015, we generated $584 million of cash flow from operations driven by an increase in profitability and disciplined working capital management. We also returned over 40% of this cash flow from operations to shareholders through our dividend and disciplined share repurchase program. We began our new fiscal year with approximately $300 million remaining under our currently authorized share repurchase program. In addition to the $15.8 million purchased in the June quarter, through the first five weeks of our first fiscal quarter of 2016 we repurchased an additional $64 million of shares. We grew economic profit dollars year over year in all four quarters of fiscal 2015 and our return on capital employed for the full year increased to 11.6%. With our strong financial position, we enter our new fiscal year well positioned to capitalize on growth opportunities while maintaining our well-established priorities regarding capital allocation."

Outlook for First Quarter of Fiscal 2016 Ending on October 3, 2015

The above guidance excludes the amortization of intangibles and any potential restructuring, integration and other expenses. In addition, the above guidance assumes that the average U.S. Dollar to Euro currency exchange rate for the first quarter of fiscal 2016 is $1.09 to €1.00. This compares with an average exchange rate of $1.33 to €1.00 in the first quarter of fiscal 2015 and $1.11 to €1.00 in the fourth quarter of fiscal 2015.

Forward-Looking Statements

This document contains certain "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. These statements are based on management's current expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include statements addressing future financial and operating results of Avnet and may include words such as "will," "anticipate," "estimate," "forecast," "expect," "feel," "believe," and "should," and other words and terms of similar meaning in connection with any discussions of future operating or financial performance, business prospects or market conditions. Actual results may differ materially from the expectations contained in the forward-looking statements.

The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the Company's ability to retain and grow market share and to generate additional cash flow, risks associated with any acquisition activities and the successful integration of acquired companies, declines in sales, changes in business conditions and the economy in general, changes in market demand and pricing pressures, any material changes in the allocation of product or product rebates by suppliers, and other competitive and/or regulatory factors affecting the businesses of Avnet generally.

More detailed information about these and other factors is set forth in Avnet's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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 in this document certain non-GAAP financial information including adjusted operating income, adjusted operating expenses, adjusted net income and adjusted diluted earnings per share, as well as sales adjusted for the impact of acquisitions and other items (as defined in the Organic Sales section of this document). There are also references to the impact of foreign currency translation 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 "excluding the impact of changes in foreign currency exchange rates" or "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 for sales, income or expense items, the Company adjusts the exchange rates used in current periods to be consistent with the exchange rates in effect during prior periods.

Management believes that operating income and operating expenses adjusted for (i) restructuring, integration and other expenses and (ii) amortization of acquired intangible assets and other, is a useful measure to help investors better assess and understand the Company's operating performance, especially 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 many cases, for measuring performance for compensation purposes.

Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales and adjusted operating expense to gross profit ratio, which is defined as adjusted operating expenses (as defined above) divided by gross profit.

Management believes net income and diluted EPS adjusted for (i) the impact of the items described above, (ii) certain items impacting income tax expense and (iii) the gain on legal settlement and foreign currency loss is useful to investors because it provides a measure of the Company's net profitability on a more comparable basis to historical periods and provides a more meaningful basis for forecasting future performance. Additionally, because of management's focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted EPS excluding the impact of these items provides an important measure of the Company's net results for the investing public.

Other metrics management monitors in its assessment of business performance include return on working capital (ROWC), return on capital employed (ROCE) and working capital velocity (WC velocity).

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 Year 2015

               
Fiscal Year 2015
Income
Before
Operating Income Diluted
Income Taxes Net Income EPS
$ in thousands, except per share amounts
GAAP results $ 827,673 $ 712,965 $ 571,913 $ 4.12
Restructuring, integration and other expenses 90,805 90,805 65,897 0.47
Foreign currency loss 3,737 3,737 0.03
Amortization of intangible assets and other 54,049 54,049 36,643 0.26
Income tax adjustments       (55,101 )   (0.39 )
Total adjustments   144,854   148,591   51,176     0.37  
Adjusted results $ 972,527 $ 861,556 $ 623,089   $ 4.49  
 

Items impacting fiscal 2015 consisted of the following:

Fourth Quarter Fiscal 2015

               
Fourth Quarter Fiscal 2015
Income
Before
Operating Income Diluted
Income Taxes Net Income EPS
$ in thousands, except per share amounts
GAAP results $ 180,477 $ 153,668 $ 158,733 $ 1.15
Restructuring, integration and other expenses 43,734 43,734 30,514 0.22
Foreign currency loss 3,737 3,737 0.03
Amortization of intangible assets and other 19,603 19,603 12,287 0.09
Income tax adjustments       (45,770 )   (0.33 )
Total adjustments   63,337   67,074   768     0.01  
Adjusted results $ 243,814 $ 220,742 $ 159,501   $ 1.16  
 

Items impacting the fourth quarter of fiscal 2015 consisted of the following:

Third Quarter Fiscal 2015

               
Third Quarter Fiscal 2015
Income
Before
Operating Income Diluted
Income Taxes Net Income EPS*
$ in thousands, except per share amounts
GAAP results $ 203,712 $ 170,896 $ 121,529 $ 0.88
Restructuring, integration and other expenses 15,494 15,494 12,035 0.09
Amortization of intangible assets and other 11,187 11,187 7,708 0.06
Income tax adjustments       2,192   0.02
Total adjustments   26,681   26,681   21,935   0.16
Adjusted results $ 230,393 $ 197,577 $ 143,464 $ 1.04
 

* Does not foot due to rounding

 

Items impacting the third quarter of fiscal 2015 consisted of the following:

Fiscal Year 2014

               
Fiscal Year 2014
Income
Before
Operating Income Diluted
Income Taxes Net Income EPS
$ in thousands, except per share amounts
GAAP results $ 789,940 $ 701,127 $ 545,604 $ 3.89
Restructuring, integration and other expenses 94,623 94,623 70,773 0.50
Gain on legal settlement and foreign currency loss (18,787 ) (11,475 ) (0.08 )
Amortization of intangible assets and other 46,783 46,783 32,946 0.24
Income tax adjustments         (43,789 )   (0.31 )
Total adjustments   141,406   122,619     48,455     0.35  
Adjusted results $ 931,346 $ 823,746   $ 594,059   $ 4.24  
 

Items impacting fiscal 2014 consisted of the following:

Fourth Quarter Fiscal 2014

               
Fourth Quarter Fiscal 2014
Income
Before
Operating Income Diluted
Income Taxes Net Income EPS
$ in thousands, except per share amounts
GAAP results $ 204,538 $ 175,640 $ 186,264 $ 1.33
Restructuring, integration and other expenses 27,999 27,999 20,901 0.15
Foreign currency loss 3,315 2,022 0.01
Amortization of intangible assets and other 12,328 12,328 9,076 0.06
Income tax adjustments       (58,187 )   (0.41 )
Total adjustments   40,327   43,642   (26,188 )   (0.19 )
Adjusted results $ 244,865 $ 219,282 $ 160,076   $ 1.14  
 

Items impacting the fourth quarter of fiscal 2014 consisted of the following:

Organic Sales

Organic sales is defined as reported sales adjusted for the impact of acquisitions and divestitures by adjusting Avnet's prior periods 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. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.

The following table presents the reconciliation of reported sales to organic sales for fiscal 2014. For quarterly periods subsequent to the first quarter of fiscal 2014, reported sales are equivalent to organic sales.

           
Year Ended
As Reported Acquisitions/ Organic Sales -
Fiscal 2014 Divestitures Fiscal 2014
(in thousands)
Avnet, Inc. $ 27,499,654 $ 119,950 $ 27,619,604
EM 16,544,331 119,950 16,664,281
EMEMEA 5,094,942 119,950 5,214,892
 

"Acquisition/Divestiture" as presented in the preceding table includes the acquisition of MSC Investoren GmbH ("MSC"), in October 2013 in the EM EMEA region, which impacted the year-over-year sales comparisons.

ROWC, ROCE and WC Velocity

The following table (in thousands) presents the calculations for ROWC, ROCE and WC velocity.

                       
FY15   FY14   Q4 FY15   Q4 FY14   Q3 FY15  
Sales $ 27,924,657 $ 27,499,654 $ 6,796,331 $ 7,048,708 $ 6,736,860
Sales, annualized (a) $ 27,924,657 $ 27,499,654 $ 27,185,324 $ 28,194,832 $ 26,947,440
Adjusted operating income (1) $ 972,527 $ 931,346 $ 243,814 $ 244,865 $ 230,393
Adjusted annualized operating income (b) $ 972,527 $ 931,346 $ 975,256 $ 979,460 $ 921,572
Adjusted effective tax rate (2) 27.7 % 27.9 % 27.7 % 27.9 % 27.7 %
Adjusted annualized operating income, after tax (c) $ 703,332 $ 671,687 $ 705,305 $ 706,387 $ 666,481
Average monthly working capital
Accounts receivable $ 5,109,326 $ 4,930,700 $ 4,979,668 $ 5,020,472 $ 5,251,882
Inventories $ 2,667,351 $ 2,593,937 $ 2,593,545 $ 2,632,177 $ 2,564,071
Accounts payable $ (3,274,382 )   $ (3,184,509 )   $ (3,234,283 )   $ (3,208,300 )   $ (3,344,479 )  
Average working capital (d) $ 4,502,295     $ 4,340,128     $ 4,338,930     $ 4,444,349     $ 4,471,474    
Average monthly capital employed (e) $ 6,077,926     $ 5,873,339     $ 5,898,475     $ 6,009,390     $ 6,028,015    
ROWC = (b) / (d) 21.6 % 21.5 % 22.5 % 22.0 % 20.6 %
WC Velocity = (a) / (d) 6.2 6.3 6.3 6.3 6.0
ROCE = (c) / (e) 11.6 % 11.4 % 12.0 % 11.8 % 11.1 %

__________

(1)   See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial Information section.
(2) Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently anticipated annual effective tax rate, excluding the tax effect of the items described above in the reconciliation to GAAP amounts in this Non-GAAP Financial Information section.
 

Teleconference and Upcoming Events

Avnet will host a quarterly teleconference today at 2:00 p.m. Eastern Time. Financial information including financial statement reconciliations of GAAP to non-GAAP financial measures, will be available through www.ir.avnet.com. Please log onto the site 15 minutes prior to the start of the event to register or download any necessary software. An archive copy of the teleconference will also be available after the call.

For a listing of Avnet's upcoming events and other information, please visit Avnet's investor relations website at www.ir.avnet.com.

About Avnet

From components to cloud and design to disposal, Avnet (NYSE: AVT) accelerates the success of customers who build, sell and use technology, globally by providing them with a comprehensive portfolio of innovative products, services and solutions. Avnet is a Fortune 500 company with revenues of $27.9 billion for the fiscal year 2015. For more information, visit www.avnet.com. (AVT_IR)

 
AVNET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
               
Fourth Quarters Ended Year Ended
June 27, June 28, June 27, June 28,
2015 2014 2015 2014
(Thousands, except per share data)
Sales $ 6,796,331 $ 7,048,708 $ 27,924,657 $ 27,499,654
Cost of sales   6,010,535     6,211,692     24,731,537     24,273,923  
Gross profit 785,796 837,016 3,193,120 3,225,731
Selling, general and administrative expenses 561,585 604,479 2,274,642 2,341,168
Restructuring, integration and other expenses   43,734     27,999     90,805     94,623  
Operating income 180,477 204,538 827,673 789,940
Other (expense) income, net (3,080 ) (4,604 ) (19,043 ) (6,092 )
Interest expense (23,729 ) (24,294 ) (95,665 ) (104,823 )
Gain on legal settlement               22,102  
Income before income taxes 153,668 175,640 712,965 701,127
Income tax (benefit) expense   (5,065 )   (10,624 )   141,052     155,523  
Net income $ 158,733   $ 186,264   $ 571,913   $ 545,604  
Earnings per share:
Basic $ 1.16   $ 1.35   $ 4.18   $ 3.95  
Diluted $ 1.15   $ 1.33   $ 4.12   $ 3.89  
Shares used to compute earnings per share:
Basic   135,855     138,430     136,688     137,991  
Diluted   137,622     140,430     138,791     140,119  
Cash dividends paid per common share $ 0.16   $ 0.15   $ 0.64   $ 0.60  
 
 
AVNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
       
June 27, June 28,
2015 2014
(Thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 932,553 $ 928,971
Receivables, net 5,054,307 5,220,528
Inventories 2,482,183 2,613,363
Prepaid and other current assets   173,030   191,337
Total current assets 8,642,073 8,954,199
Property, plant and equipment, net 568,779 534,999
Goodwill 1,278,756 1,348,468
Intangible assets, net 99,731 184,308
Other assets   210,614   228,680
Total assets $ 10,799,953 $ 11,250,654
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 331,115 $ 865,088
Accounts payable 3,338,052 3,402,369
Accrued expenses and other   603,129   711,369
Total current liabilities 4,272,296 4,978,826
Long-term debt 1,646,501 1,208,951
Other liabilities   196,135   172,684
Total liabilities 6,114,932 6,360,461
Shareholders' equity   4,685,021   4,890,193
Total liabilities and shareholders' equity $ 10,799,953 $ 11,250,654
 
 
AVNET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
       
Year Ended
June 27, June 28,
2015 2014
(Thousands)
Cash flows from operating activities:
Net income $ 571,913 $ 545,604
Non-cash and other reconciling items:
Depreciation 95,645 92,464
Amortization 51,674 44,724
Deferred income taxes 18,436 (15,644 )
Stock-based compensation 62,006 45,916
Other, net 87,649 88,687
Changes in (net of effects from businesses acquired):
Receivables (204,114 ) (306,873 )
Inventories (73,226 ) (226,141 )
Accounts payable 156,565 48,651
Accrued expenses and other, net   (182,665 )   (79,970 )
Net cash flows provided by operating activities   583,883     237,418  
 
Cash flows from financing activities:
Repayment of notes (300,000 )
Borrowings under accounts receivable securitization program, net 35,000 255,000
(Repayments) borrowings of bank and other debt, net (115,173 ) 38,765
Repurchases of common stock (159,984 ) (8,616 )
Dividends paid on common stock (87,330 ) (82,755 )
Other, net   (13,501 )   9,109  
Net cash flows used for financing activities   (340,988 )   (88,497 )
 
Cash flows from investing activities:
Purchases of property, plant and equipment (174,374 ) (123,242 )
Acquisitions of businesses, net of cash acquired (116,882 )
Other, net   (11,969 )   2,666  
Net cash flows used for investing activities   (186,343 )   (237,458 )
 
Effect of exchange rate changes on cash and cash equivalents   (52,970 )   8,165  
 
Cash and cash equivalents:
— increase (decrease) 3,582 (80,372 )
— at beginning of period   928,971     1,009,343  
— at end of period $ 932,553   $ 928,971  
 
 
AVNET, INC.
SEGMENT INFORMATION
(UNAUDITED)
               
Fourth Quarters Ended* Fiscal Years Ended*
June 27, June 28, June 27, June 28,
2015 2014 2015 2014
(Millions)
Sales:
Electronics Marketing $ 4,315.9 $ 4,318.4 $ 17,344.7 $ 16,544.4
Technology Solutions   2,480.5     2,730.3     10,580.0     10,955.3  
Consolidated Sales $ 6,796.4   $ 7,048.7   $ 27,924.7   $ 27,499.7  
Operating Income:
Electronics Marketing $ 205.9 $ 207.0 $ 797.4 $ 747.9
Technology Solutions 77.6 74.1 325.7 317.8
Corporate   (39.7 )   (36.2 )   (150.5 )   (134.4 )
243.8 244.9 972.5 931.3
Restructuring, integration and other expenses (43.7 ) (28.0 ) (90.8 ) (94.6 )
Amortization of intangible assets and other   (19.6 )   (12.3 )   (54.0 )   (46.8 )
Operating Income $ 180.5   $ 204.5   $ 827.7   $ 789.9  
 

* Sub-totals and totals may not foot due to rounding

 

Investor Relations
Avnet, Inc.
Vincent Keenan, 480-643-7053
Investor Relations
investorrelations@avnet.com

Source: Avnet, Inc.

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