Dividend Increased to 64 cents per Share on an Annual Basis
PHOENIX--(BUSINESS WIRE)--
Avnet,
Inc. (NYSE:AVT) today announced that its Board of Directors has
approved a 7 percent increase in the quarterly cash dividend to $0.16
per share. The dividend will be paid on September 19, 2014, to
shareholders of record as of the close of business on September 8, 2014.
"Avnet's return to growth and margin expansion in fiscal 2014
strengthened our financial position and we closed out the year with over
$900 million of cash on our balance sheet," said Rick Hamada, Chief
Executive Officer. "This dividend increase is a reinforcement of our
commitment to incorporate a consistent element of returning capital to
shareholders as a key priority within our overall capital allocation
plans."
Taken together, Avnet's dividend and disciplined share repurchase
program have returned approximately $617 million to shareholders over
the past three years.
About Avnet
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest
distributors of electronic components, computer products and embedded
technology serving customers globally. Avnet accelerates its partners'
success by connecting the world's leading technology suppliers with a
broad base of customers by providing cost-effective, value-added
services and solutions. For the fiscal year ended June 28, 2014, Avnet
generated sales of $27.5 billion. For more information, visit www.avnet.com.
(AVT_IR)
Avnet, Inc.
Vincent Keenan, 480-643-7053
Investor Relations
investorrelations@avnet.com
Source: Avnet, Inc.
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